Leveraging its local knowledge, Unico was able to source an off-market opportunity to step into a stalled development
Downtown Portland had evolved to the point that, in 2005, its office spaces and residences were approaching cyclically low vacancy rates. Meanwhile, the city’s Pearl District was evolving into an iconic live-work environment. Land in the Pearl District was available only to those who foresaw its northward expansion. Leveraging its local knowledge, Unico was able to source, off-market, an opportunity to step into a stalled development. However, between project initiation and delivery in Q4 of 2008, the economy fell into recession and the real estate market plummeted. Multiple new condominium projects were delivered into a weakened sales market that forced their conversion to rentals, increasing competition.