Two separate real estate sales in Bend — one complete and another pending — could bring more than 300 apartments to the city by 2016.
Demand for rental homes and apartments continues unabated in Central Oregon, where vacancy rates stood at 1 percent of the 3,862 units surveyed early this year by Housing Works and the Central Oregon Rental Owners Association. That rate has not budged and rents overall have increased by 5 to 10 percent this year as leases come up for renewal, said Patty Schouviller, housing and resident services director for Housing Works, the regional public housing authority.
In June, a firm based in Wilsonville bought the 5.31 acres adjacent to the new Sage Springs apartment complex on Boyd Acres Road, and plans to erect more units on the site, according to Compass Commercial Real Estate Services.
KWDS LLC paid $900,000 for the property at the northeast corner of Boyd Acres and Ross roads, according to Compass Commercial, whose brokers represented the seller, Sage Springs LLC, in the sale. A preliminary plan filed with the city of Bend proposes building a mix of one-, two- and three-bedroom apartments, totaling 96 units.
The buyer’s agent, Scott McAvoy, of Hasson Company Realtors, Lake Oswego, did not return calls seeking comment. Attempts to reach a KWDS representative were unsuccessful.
In May, a Salem general contractor, SharpCor Inc., finished work on the 104-unit Sage Springs apartment complex just north of the empty 5.31 acres. Tenants leased most of the apartments before work was complete, the leasing agent and the construction superintendent said at the time.
Elsewhere in Bend, Housing Works and NeighborImpact, a private nonprofit agency that promotes homeownership, teamed up to purchase two properties in east and northeast Bend on which to build garden-style apartments.
The transaction has yet to close, said Tom Kemper, Housing Works executive director. He would not identify the two properties. He said plans call for two apartment complexes totaling more than 200 units for Housing Works clients. Housing Works provides rental housing at below-market rates or rent vouchers to eligible, low-income clients.
Kemper said NeighborImpact obtained bridge financing to acquire the property through its affiliation with NeighborWorks, a nationwide, federally chartered organization.
Housing Works in June also announced plans to build a second phase of Eastlake Village, the affordable housing apartment complex it operates on NE Bellevue Drive, in Bend. The 40 apartments planned there should be available to lease by August 2015, Kemper said. Phase two is located on 2.64 acres across the street from phase one. Construction should start in October, he said.
— Reporter: 541-617-7815, email@example.com