More Pearl District luxury apts
October 27th 2008
A Phoenix apartment developer says it will break ground next month on a 152-unit luxury apartment project at Northwest 14th Avenue and Lovejoy Street in the Pearl District.
Alliance Residential Co.'s six-story project, named Broadstone Enso, will add to a growing list of high-end apartment buildings in downtown Portland, a market niche that barely existed five years ago. The project will include studio and one and two-bedroom units from 524 to 1,305 square feet.
Amid the worldwide financial crisis and a flooded Portland condo market, Alliance Residential expects to target young professionals and empty nesters with high-end features typically found in Pearl condo buildings: stone kitchen countertops, wood-plank style flooring, nine-foot ceilings and "exclusive resident wine storage with tasting area," according to a news release.
Myhre Group Architects of Portland designed the modern building. Broadstone Enso is scheduled to be finished in the first quarter of 2010. Luxury apartments in Portland typically rent for more than $2 per square foot. Greg Spezzano, the company's director of marketing and design for the Northwest, said the company hadn't set rents yet.
Alliance Residential, launched by a former Trammell Crow Residential executive, says it's the third-largest apartment developer in the country. The company also manages $3 billion worth of apartments in 11 states. The firm is hoping to expand in Portland after the Broadstone Enso, its first project in the area, Spezzano said.
Myhre Group has a preview of the building's design.