Bookmark Apartments

The Property:

Bookmark Apartments is a unique property located in the close-in Northeast Hollywood district of Portland. The property was built in 2002 with spacious studios, one- and two-bedroom apartments. The units feature ample kitchen space, open floor plans, balconies or patios, secure entry, energy-efficient windows and lighting, and washers and dryers in select units.

There is a retail unit on the ground floor occupied by a coffee house. The building is also served by a public library on the ground floor that is separately owned and operated, giving it a strong connection to the surrounding community and inspiring the name Bookmark Apartments. Other building amenities include a clubhouse, community courtyard, elevators, barbecues, controlled access, and off-street parking.

Opportunities and Challenges:

This well-built asset did present some unique challenges, as it was part of an HOA, with the other HOA member being the library. Additionally, a percentage of the units are designated as low-income with rent restrictions.

Results:

HFO leveraged their understanding of this unique asset to find a buyer prepared to meet these challenges while benefitting from the unique upsides this mixed-use property provides.