Monroe Apartments Will Get Underway After Equity Boost

Monroe Apartments, a 234-unit apartment community located on 7.2 acres five miles south of downtown Portland in Milwaukie, OR, will include five residential buildings and one clubhouse building. PCCP LLC provided preferred equity to an affiliate of Guardian Real Estate Services for the development of the property.

Monroe Apartments will consist of studios, one-bedroom, two-bedroom and three-bedroom units. The floorplans will range from 495 to 1,198 square feet.

“This investment provides us with opportunity to develop class-A apartments in a strong suburban Portland market that has a lack of new supply, low vacancy rates and strong projected rent growth,” said Matt Cochran, a vice president with PCCP.

Located at the intersection of SE Monroe and SE 27th streets, the site is a few hundred feet from Highway 224. The Highway 224 corridor is one of the largest commercial areas south of Portland and contains more than 120 commercial properties while also bordering the McLoughlin industrial node that spans 3.3 million square feet of industrial space. The MAX Milwaukie/Main St. station is 0.8 miles away with a 17-minute ride to downtown via the Orange Line.