PORTLAND, OR - Adding much-needed urban-style apartments to the region, Deacon Development is nearing completion on three new Portland and Salem, Oregon-area multifamily communities – Rivenwood, Merx and Paceline – tapping CloudTenResidential to oversee all lease-up and management activities. CloudTen now manages over 36 properties throughout Oregon and Washington – three of them owned by Deacon Development.
According to Dennis Mitchell, senior vice president of CloudTen Residential, these properties represent an ongoing partnership between Deacon Development, a Portland-based real estate development firm and CloudTen, a Nevada firm that manages and operates multifamily properties throughout the west.
“In total, these projects will provide 352 units to the greater Portland and Salem areas, filling a growing need for housing in the region,” Mitchell said. “Each is a key addition to the community – and to our expanding portfolio. We are proud to partner with Deacon Development to help provide quality rental housing in walkable, transit-oriented neighborhoods.”
Highlights of the new properties include:
Merx: Located at the corner of 19th and Pettygrove in northwest Portland’s Slabtown, Merx is a seven-story mixed-use project comprised of 126 studio and one-bedroom apartments, ranging from 297 to 453 square feet. Units feature a blend of contemporary design with custom casework, offering both style and functionality. Originally the site of a Sylvia’s Grocery which opened in 1884, Merx (short for mercantile), pays homage to the neighborhood’s rich history rooted in service. Merx will encompass a resident lounge, coffee bar, private outdoor terrace and rooftop deck with sweeping city views as well as ground-floor retail. The name – Merx – is Latin for merchandise that is bought and sold and is an homage to the site’s retail beginnings. Pre-leasing is slated for February 2024 with units ready for move-in late April 2024.
Paceline: Located at 1341 N. Killingsworth St. in Portland’s Overlook neighborhood, Paceline stands five stories with 69 studio and one-bedroom apartments, spanning 350 to 460 square feet. A community of apartments in North Portland where residents, neighbors and friends come together in a space designed for convenience and comfort, its name is a nod to the region’s connectivity, spawned by access to Portland’s MAX Yellow Line, bike lanes, greenways and multi-use paths. Apartment homes include in-home washers/dryers, custom casework, quartz countertops and expansive windows, while amenities encompass package lockers, bike parking, a rooftop deck and more. Construction is set for completion in June 2024.
Rivenwood: Featuring 157 studio, one- and two-bedroom apartments ranging from 370 to 849 square feet – as well as on-site parking, a resident lounge and large rooftop deck with BBQs, outdoor games and more – Rivenwood is a five-story, wood-framed structure located on the site of a former Nordstrom store at 420 Center St. NE in downtown Salem. Inspired by the industrial history of the region’s saw mills and the timber industry, the name Rivenwood is a subtle nod to a city strengthened and reinvented through public and private partnership. Rivenwood’sapartment homes feature stainless steel appliances, quartz countertops, in-home washers and dryers and balconies in select units along with EV parking, bike storage, package lockers, a coffee and tea lounge and pet wash. Pre-leasing is slated for spring 2024, with units ready for move-in summer 2024.
With these newest additions to its portfolio, CloudTen now manages 70 properties totaling 500 units throughout Arizona, Nevada, Oregonand Washington.
About CloudTen Residential: Focused on delivering a positive experience to residents, team members and clients, CloudTen is a residential brand headquartered in Nevada that manages and operates multifamily properties throughout the West. Offering renters, a full gamut of services, amenities and living options, the firm’s diverse portfolio of properties ranges from hotel-to-residential conversions to high-rise lease-ups to value-add properties.