Portland Affordable Housing Preservation Partnership Acquires First Property in Gresham, OR

The Portland Affordable Housing Preservation Partnership, a new mission-based limited partnership established by Edlen & Company along with Meyer Memorial Trust, announces its first property acquisition, the Golfside Apartments. This activates its intention to preserve naturally occurring affordable housing in the Portland and SW Washington metropolitan areas. The purpose of the partnership is to identify, acquire, operate and preserve housing that is affordable to those earning between 60% and 120% of the area median family income. “At its core, the Portland Affordable Housing Preservation Partnership is committed to preserving affordable housing and community impact,” states Jill Sherman, partner at Edlen & Company.

This 53-unit building is located in Gresham - an area which is susceptible to gentrification as continued growth has led to increases in area rents. Representing a new approach to preserving affordable housing, the Portland Affordable Housing Preservation Partnership is acquiring properties that currently offer an affordable housing option.  Through investment into these properties, the partnership is working to improve the quality and vibrancy of buildings and communities. The intent is to maintain and hold these buildings over the long term to protect future affordable housing options throughout greater Portland and SW Washington. “This approach to affordable housing represents a new model of impact driven real estate investment,” states Sherman.

Over time, market-rate housing ages, creating naturally occurring affordable housing. The current trend is to acquire, improve, and increase the rents to market rates. Often times, these increases far exceed the financial capacity of existing renters, resulting in displacement. Beyond the human cost to those who can’t afford the increased rents and are forced out, there is also a social cost to the equity, diversity and vitality in these Portland and SW Washington area neighborhoods.

The Portland Affordable Housing Preservation Partnership was formed in October 2019 and received its first investment of $20 million from Meyer Memorial Trust, with an initial fundraising goal of $100 million.

Meyer Memorial Trust 

Established in 1982, Meyer Memorial Trust has awarded roughly $790 million in grants and program-related investments to more than 3,380 organizations in Oregon and Southwest Washington, investing in organizations, communities, ideas and efforts that contribute to a flourishing and equitable Oregon. Working to dismantle barriers to equity in education, housing and the environment to improve community conditions so that all Oregonians can reach their full potential, Meyer fulfills their mission using a mix of strategic, proactive and responsive investments, including grants, loans, initiatives, commissions for research and support for policy advocacy and a range of community and nonprofit engagement strategies.