Wednesday, June 11, 2008

1,100 Luxury Apartments Avaliable For Rent In Portland

The real estate downturn has hit another local condo project.

This time Home William’s 2121 Belmont condo will become ‘luxury’ apartments.

From the DCJ:

Word from commercial brokers is that Williams and Dame's 2121 Belmont condominiums are converting to apartments. The conversion of the Ankrom Moisan-designed project signals a bigger trend as developers put new condo projects on hold and convert projects that are already out of the ground as condo sales lag.

This is the fifth building to convert from condos to luxury apartments. Here is a recap of the buildings:

Ladd Tower 220 units April 2007

The Wyatt 245 units September 2007

Harrison Tower 185 units March 2008

3720 323 units May 2008

2121 Belmont 124 units June 11 2008

A total of 1,100 units have temporarily been pulled off the market so far.

Projects that haven’t announced their conversion include The Encore and The Cyan.