811 @ The Waterfront

Swift acquired 811 @ The Waterfront in June 2014 for $8.5M ($170 psf). This was Swift’s first acquisition in Portland, Oregon. The six-story Downtown Portland waterfront project was 58% leased at the time of acquisition, had a significant amount of deferred maintenance and was in need of cosmetic renovations and rebranding. In-place rents were 20% below market, the market was experiencing 10% annual rent growth, and 30% of the project expired in the first two years of Swift’s ownership.

Swift quickly completed its repositioning which included the addition of a new building gymnasium, indoor bike storage facility and locker/shower rooms, a renovated lobby, and exterior improvements including a new glass awning, signage, and window mullions. In addition, all of the current vacancies were constructed to a market ready standard to ensure their leaseability.  Swift completed back of the house maintenance including new HVAC controls, roof repairs, and parking upgrades. Swift was approached off market by a local investor who noticed the significant changes to the property’s exterior and achieved Year 4 residual pricing within a 16 month hold period.