Bridger Commons is a 23-unit, market-rate apartment community in the North Portland community of St. Johns, consisting of 10 1-Bedroom units and 13 2-bedroom units. The 10,000 square foot lot was previously a surface parking lot and vacant dentist office built in the 1970’s.
Development – Edge Development finalized negotiations to purchase the lot in August of 2018 for $950,000, or $95/SF. After 10 months of design, entitlement and permitting, Edge closed on the land purchase in June of 2019.
Design – The concept design, plans, elevations, modelling and detailing was created by Edge Development in-house and managed externally through the construction documentation and entitlement phase.
Construction – Edge Development acted as the General Contractor and started construction in July of 2019 and finished on schedule 12 months later and 3% under budget.
Management – Leasing began in July of 2020, during the middle of a pandemic, and Edge Management still managed to get tours and leases out to market. Leasing was expectedly slow due to the pandemic restrictions, and stabilization was not achieved until March of 2021.
Sale – Edge Development decided to test the market by putting the property up for sale in late 2020. A California exchange buyer was presented the opportunity, before the property was even widely marketed, and presented an offer for $6.3M, equating to approximately $274,000 per door, or $380 per square foot. The property was still only 80% leased at this time. The sale was finally transacted in May of 2021. The sale resulted in a 4.8% cap rate on stabilized operations, and was a new record price for a small/medium sized apartment community in the St. John’s neighborhood.