Construction cranes are returning to Portland as some of the city’s most established multifamily developers prepare to construct the first new market-rate apartments since the recession started.
Developers such as Patrick Prendergast, Peter Stott, Chris Rogers and Mill Creek Residential Trust, formerly Trammell Crow Residential, are readying at least four projects that collectively will deliver more than 500 new rentals to the downtown area starting in mid-2012.
“Developers are definitely stirring,” said Ann Blume, a multifamily broker with CB Richard Ellis.
Lenders are underwriting construction as well, but only for the best projects in the best neighborhoods.