Portland Apartment Developments Converted to Affordable Housing

The Portland Housing Bureau (PHB) is acquiring three existing apartment buildings with plans to convert the properties into affordable housing, adding 226 income-restricted units.

The move includes the acquisition of the Goose Hollow Lofts, Paramount Apartments, and Acqua Apartments as part of an effort to address the city’s housing crisis. Goose Hollow Lofts will be funded by the Metro Affordable Housing Bond, while the Paramount and Acqua Apartments are being financed with Tax Increment Financing.

Most units will be restricted to 50% of the area median income (AMI). Leasing for vacant units will begin shortly after acquisition, with current residents being able to stay or accept relocation assistance. “These 226 homes are a major step forward in our fight to keep Portlanders housed,” said Mayor Keith Wilson.

This effort follows PHB’s December 2024 acquisition of the Cesar Apartments, which will deliver 47 new Permanent Supportive Housing units later this year.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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