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6/28/22
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Cityview has acquired Burnside 26, a four-story, podium-style apartment community in Southeast Portland that consists of 135 res units along with 1.3k sf of restaurant space. The price was not given out.
Burnside 26 is located at 2625 E Burnside St, in a highly desirable, amenitized and walkable submarket 1.5 miles east of downtown and across the river with bustling entertainment and nightlife, including 64 restaurants and bars within a four-block radius. Built in 2014, Burnside 26 is one of only seven institutional properties in the nearby residential upscale submarkets. The property maintains an impressive walk score of 97 and bike score of 99 with front door access to one of Portland’s hottest neighborhoods.
Adjacent to the region’s largest employers including Intel, Nike and Providence Health, and with major industries including semiconductors, electronic components, construction and software development, Portland ranks third in the US for net inbound resident moves with some of the nation’s fastest job growth.
Cityview has a number of improvements planned for the property. These include sustainable common area upgrades like creating a new bike storage area, monitoring utility usage and waste, and installing EV charging stations and energy efficient LED tube and new sensor installation in the parking garage. Cityview also plans to install rooftop solar panels to sustainably power common areas and repurpose an underutilized space as a fitness center for residents to enjoy.
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