City Poised To Buy Ellington Apartments For $47M
The Portland Housing Bureau has agreed to pay $47M for The Ellington, an apartment complex in northeast Portland, with an additional $4M for closing costs and some initial repairs. The Portland City Council will deliberate on the deal next week. If the council approves, most of the money will come from the bond measure 26-179 approved by the electorate last month that will raise more than $258M for affordable housing in the city, the Oregonian reports.
The Ellington has 263 units, and is owned by the locally based Guardian Real Estate Services, which acquired it 10 years ago for $16.5M. The property offers some affordable units. If the city acquires the complex, its units will be for families earning no more than 60% of AMI, with a third of them for families earning no more than 30% of AMI. [Oregonian]
