PORTLAND, OR—A group of local investors paid $4.3 million for the ecoFlats Apartments, a mixed-use property with 18 apartment units and 3,700 sf of retail space in North Portland. NAI Norris, Beggs & Simpson Vice President Robert Black represented the seller, 3935 N. Williams LLC.
"This sale is significant because ecoFlats is one of the first newly constructed properties from this past building cycle to be sold," Black said of the project, which delivered in March 2011. "This is an incredibly unique property, and its high level of sustainability and ideal location appealed to buyers."
ecoFlats was developed by Jean-Pierre Veillet of Siteworks Design | Build and Doug Shapiro, who envisioned a sustainable mixed-use community with an affordable ethos that was unlike any on the market. The Portland Development Commission signed on to provide partial financing, as ecoFlats is in the Interstate Corridor Urban Renewal Area. ecoFlats also enrolled in Energy Trust of Oregon's Path to Net Zero pilot program, which aims for buildings to be 60 percent more efficient than building codes require.
Sustainability is woven into every aspect of ecoFlats. The building's design features, such as exterior corridors and large windows providing cross ventilation, help to lower energy use. A 21-watt photovoltaic array on the roof, and a roof trellis with solar thermal panels, provides energy to the entire building, and heats and stores 600 gallons of water every day. Unit heating is provided by a highly efficient gas boiler for the common hydronic heating system.
A 48-inch monitor in the lobby publicly shows how much energy each unit is using, which shows residents how their energy usage compares to others, and encourages them to conserve.
The busy N. Williams bike corridor sees up to 3,000 riders pass by each day, and ecoFlats is very bicycle-friendly, with ample indoor bike parking. While there is no car parking, residents have easy access to TriMet buses and MAX, as well as two designated Zipcar spots.
With such high bike traffic and many popular shops and restaurants nearby, including Ned Ludd, Tasty n Sons and Chop, ecoFlats' retail space garnered significant interest and leased quickly. Hopworks Urban Brewery, a popular bike-friendly brewery, occupies the largest retail space at ecoFlats with its Bike Bar. The other retail tenant is Grizzly Tattoo.
All 18 of ecoFlats' units were leased up within 30 days of its delivery, showing that the appetite for sustainable, bike-friendly urban apartments is high, Black said. NBS Multifamily Management, a sister company to NAI NBS, has managed the apartments since they opened, and continues to manage them after the sale.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
