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CloudTen Assumes Management Role at New Portland Project
Developer Urban Asset Advisors and LMC Construction have completed construction of Novus Apartments, a $24 million, four-story, 84-unit mixed-use community located in the Woodstock neighborhood of Portland, OR. Nevada-based CloudTen Residential has assumed all lease-up and management activities for the new development.
Novus Apartments is a contemporary community featuring studio, one-, two- and three-bedroom units plus 16 expandable technology-powered Ori studio homes. Community amenities include a lounge, coffee bar and courtyard with BBQ grills. Additionally, the property has nearly 2,000 square feet of commercial space, with Shop Halo Halo and Daphne’s Botanicals as tenants.
“The region has a robust multifamily market, and we look forward to further expanding our portfolio here,” said CloudTen Residential’s Dennis Mitchell about growing the company’s presence in the Pacific Northwest. With the addition of Novus, CloudTen now manages over 30 properties in Oregon and Washington, and a total of 60 properties throughout the Western U.S.
- ◦Development
