Title

The $32M Deal: Turning a Failed Student Dorm Into 200 Workforce Apartments

Source

Mainebiz

Date

1-27-2020

Pages

16-19

Abstract

Bayside Village Apartments at 132 Marginal Way in Portland opened in 2008 as a student dormitory. Occupancy rate was only ever at 45% and developers defaulted on their $21 million mortgage. Portland developer Tom Watson has acquired the property and will redevelop it into market-rate workforce rental housing. This will force some current single room occupancy renters out. An on-site property manager is assisting with the transitions.The project will help to address Portland's need for middle income housing. Includes a sidebar that explains what workforce housing is and provides Portland area metrics.

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