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First Quarter

2017

A real estate-focused publication from your Chapter No. 29 of the Institute of Real Estate Management

PO Box 797 | Troutdale | OR | 97060 Phone | 503.228.0002 www.iremoregon.org | website www.irem.org | national website Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

issue: PAGE

PAGE

3

President’s Message

20

Seattle’s “Hen” Amenity!

5

Chapter News & Events

21

2017 Portland Metro Real Estate Market Forecast

6

2017 Officers, Board of Directors & Committees

26

Office Chatter

7 8 9 10 11

2017 IREM® Education

27

Portland Named Top “BUY” Market

12

2016 Forecast Breakfast Highlights

13

29 30

Apply for SCHOLARSHIPS!! 2016 FRIENDS of IREM® Appreciation Highlights!

Pioneer Place—Office or Retail?

Inside the World of Retail

2016 IREM®Fall Conference

31

Amazon’s New Fulfillment Center in Troutdale

2016 Inaugural Highlights

33

JC Penney to Close Stores

-Fairness—Let Your Voice be 33 EHeard!

2017 Unreinforced Masonry Building Breakfast Highlights

14

Join us for Why IREM? March 16, 2017

15

Submit your IREM Income/ Expense Data NOW and win BIG PRIZES!

16

Everything MultiFamily

17

City of Portland—Relocation Assistance Ordinance

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Anything!

35

Fun Facts: Portland’s Pittock Mansion

37

2017 IREM® Industry Partners Program

38

Shout out for Articles!

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Valorie Cochran, CPM®

2017 President IREM® Oregon-Columbia River Chapter No. 29 Dear IREM® Members, Industry Partners and Colleagues:

IREM® is about education and ethics, about the power of knowledge and the importance of sharing it. As IREM® members we demonstrate excellence in the field of Real Estate Management through education and earning the IREM ® credentials of Accredited Residential Manager—ARM®; Accredited Commercial Manager—ACoM®; Accredited Management Organization—AMO®; and Certified Property Manager— CPM®. Each of us has our own continuing IREM® path - I learned about IREM® in the 1990's working at Pacificorp. One of the asset managers earned their IREM ® CPM® designation, and I became interested in property management and began pursuing my real estate career through IREM® course work. Being an IREM® member and serving on the boards of the Portland and Las Vegas chapters, has allowed me to work along-side many highly skilled real estate professionals. As IREM® members we enjoy the camaraderie of our peers in our local markets and throughout the country. IREM® has been integral to my employment opportunities and career path. When I moved to Las Vegas it was through the local IREM® chapter that I sourced my next employer, Weingarten Realty, managing a portfolio of Las Vegas shopping centers. When my husband and I learned that our paths would lead us back to Portland it was one of my fellow IREM ® members that encouraged me to contact Jan Robertson at Norris, Beggs & Simpson, which lead me to managing office buildings for Felton Properties. Our local IREM ® chapter is comprised of real estate professionals that volunteer their time and expertise to give back to the industry, their colleagues, and their communities, and I'm honored to represent and serve as the 2017 chapter president. William Walters Jr., CPM®, 1971 IREM® President, captured the significance of ethics to IREM® in his book, The Practice of Real Estate Management. Although the Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

….Continued from previous page

Valorie Cochran , CPM®

20175 President IREM® Oregon-Columbia River Chapter No. 29

book was published by IREM® in 1979, the words continue to resonate today: “The final proof of a manager and the final demand on management is integrity, a moral soundness in business dealings that tests steadfastness to truth, purpose, responsibility and trust. Managers cannot compromise when it comes to demanding integrity from their superiors, their subordinates or themselves. No matter how knowledgeable or experienced the manager may be, if they lack integrity they destroy their self, other people and in the long run their organization. They corrupt the purpose of the organization and destroys its spirit. Integrity cannot be taught or demanded, but is an absolute requisite for a professional property manager and one quality they must carry with them to the organization.” All members that have earned an IREM® professional designation have taken an oath and are obligated to adhere to and uphold the IREM ® Code of Professional Ethics, conducting their professional activities in accordance with the Code. The Code protects the public, promotes competition, reflects contemporary business practices, and sends a powerful message to the marketplace that IREM® Members act ethically. As your president I am dedicated to our member and chapter goals to further awareness of legislative issues that impact our industry, to connect with local colleges and universities that have a real estate curriculum, and help each of us realize our individual professional potential through IREM® education, accreditation, and board and chapter involvement. Make 2017 the year you get involved in the Chapter! Join any of our upcoming events, board meetings, and IREM® conferences. Collectively, we cause each other to rise, to improve, and discover and achieve greater potential within ourselves and each other. And, we have a lot of fun along the way! I’m looking forward to a great year! Best regards, Valorie

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Chapter news and items of interest in the

Pacific Northwest

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

2017 Officers and Committee Chairs: OFFICERS

NAME

COMPANY

CONTACT

PRESIDENT

Valorie Cochran, CPM®

Unico Properties

valoriec@unicoprop.com

PRESIDENT-ELECT

Tara Platt, CPM®

Specht Properties, Inc.

tplatt@spechtprop.com

VP FINANCE

Chris Pasteur, CPM®

Sequoia Equities

cpasteur@experiencecortlandvillage.com

VP MEMBERSHIP

Jennifer Tyler, CPMC®

Unico Properties

jennifert@unicoprop.com

VP COMMUNICATIONS Julie Muir, CPM®

Newmark Grubb Knight Frank

jmuir@ngkf.com

VP EDUCATION

Jaima Coleman, CPM®

Shorenstein

jcoleman@shorenstein.com

ARM® CHAIR

Tammy Mills, CPMC®, ARM®

Fortress Property Management tmills@fortresspropertymgmt.com

1ST MEMBER AT LARGE

Tracey McCauley, CPM®

Colliers International

traci.mccauley@colliers.com

2ND MEMBER AT LARGE

David Genrich, CPM®

Jones Lang LaSalle

david.genrich@am.jll.com

3RD MEMBER AT LARGE

Cammie Allie, CPM®, ARM®

Fortress Property Management callie@fortresspropertymgmt.com

COMMITTEES

NAME

COMPANY

CONTACT

AMO® LIAISON

David Genrich, CPM®

Jones Lang LaSalle

david.genrich@am.jll.com

COMMUNITY SERVICE

Cynthia Sparks, CPM®

Enterprise Comm Asset Mgmt

csparks@enterprisecommunity.com

INDUSTRY PARTNER

Mark St. Pierre

Interstate Roofing

mstpierre@interstateroofing.com

INDUSTRY PARTNER

Jim McDonald

Oregon-Aire

Jim.mcdonald@oregon-aire.com

INDUSTRY PARTNER

Caroline Karl, CPMC®

C & R Real Estate Services

ckarl@crrealestate.com

30TH FORECAST BK

Tara Platt, CPM®

Specht Properties

Specht Properties, Inc.

INCOME/EXPENSE

Nicole Koen

Menashe Properties

nicole@menasheproperties.com

PROGRAMS

Cristin Bansen, Assoc.

TMT Development

cristin@tmtdevelopment.com

PROGRAMS

Carmella Byers, CPM®

Jones Lang LaSalle

carmellax.byers@intel.com

NEWSLETTER

Tammy Mills, CPMC®, ARM®

Fortress Property Management tmills@fortresspropertymgmt.com

SCHOLARSHIP

Kristi Carver, CPMC®

Interurban RE Group

kcarver@interurbanre.com

IREM® ASSOC. EXEC.

Julie Muir, CPM®

www.iremoregon.org

info@iremoregon.org

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

®

2017 IREM Education: Ready, set go! Is 2017 the year that you finish your IREM® education and earn that coveted CPM® or ARM® designation? See below for the courses being held in 2017 and register early for discounts! All of our courses will be held at the beautiful Montgomery Park building in Northwest Portland. Our sincere “thanks” to the Bill Naito Company, for graciously allowing IREM® to hold our classes at this location in 2017! Remember, anyone can retake a course for HALF PRICE! And, with CE credits available, why not take a refresher?

HOPE TO SEE YOU IN CLASS! COURSE FIN 402 ETH 800 ASM TRACT

DATES 4/19/17—4/20/17

Budgeting, Cash Flow, and Reporting for Investment Real Estate

4/21/17

Ethics for the Real Estate Manager Financing and Loan Analysis for Investment Real Estate (ASM603)  Performance and Valuation of Investment Real Estate (ASM604)  Asset Analysis of Investment RE (ASM605) 

5/15/17—5/19/17

CPM® CAPSTONE

DESCRIPTION

"Management Plan Skills Assessment" (MPSAXM) 8/14/17—8/18/17 "CPM® Certification Exam" (CPMEXM)

For more information, or to register for any of our courses, visit : http://www.irem.org/resources/store/COURSE_OR Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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Look no further!!

Need a Scholarship to Fund your Education?

Take advantage of IREM® Scholarships to fund your education and help you on your way to earning an IREM® Credential! The IREM® Foundation has several to choose from, as does our local Oregon-Columbia River Chapter No. 29: (Steve Barber [for ARM® Education] & Jack Stevens [for CPM® Education]) ! Apply today!* Questions? Contact our Scholarship Chair: Kristi Carver at: kcarver@interurbanre.com or the local IREM® office at info@iremoregon.org (503.228.0002). Apply Nationally at: http://irem.org/about-irem/irem-foundation/irem-foundation-scholarship-programs Apply Locally at: http://iremoregon.org/Scholarships *IREM®Foundation Scholarships are available for use during the Calendar year awarded. Applications are accepted throughout the year, except for the last quarter (October though December).

scholarship

Description

Bette Fears Scholarship for ARM® Education

Bette Fears, ARM® served as the community manager for ParkPlace Apartments in Coeur d’Alene, Idaho. ParkPlace Apartments was a member of Tomlinson Black Management Inc., an ACCREDITED MANAGEMENT ORGANIZATION® Bette was an active member of IREM ® Inland Northwest Chapter No. 49, serving in local, regional and national positions within IREM. As a member of the Foundation’s Scholarship and Grant Committee, Bette brought a sense of caring for all applicants as they exhibited a desire to advance careers in multi-family housing.

Donald M. Furbush SCHOLARSHIP for cpm® education

Donald M. Furbush, CPM® was senior vice president for BRE Properties, Inc. of San Francisco, heading the company’s asset management department. He served as IREM® President in 1990, which capped a leadership commitment that began as president of IREM® San Francisco Bay Area Chapter No. 21. Mr. Furbush also held the Counselor of Real Estate (CRE) and the Real Property Administrator (RPA) designations. He was a member of the Society of Real Property Administrators, Building Owners and Managers Association of San Francisco, and the International Council of Shopping Centers.

Diversity Outreach Scholarship for all designations

The Foundation is committed to helping the Institute increase diversity in the real estate management industry and within IREM®. The purpose of the Diversity Outreach Scholarship is to assist individuals from underrepresented population groups with the cost of tuition associated with achieving an IREM® credential.

Paul H. Rittle, Sr. Memorial Scholarship for Acom® educaiton Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

Paul H. Rittle, Sr., CPM® was president of the Pittsburgh real estate firm of Rittle-Rosfeld, which he founded in partnership in 1945. He served as IREM ® President in 1972. He played an active role in local and national real estate organizations having served as president of the Pittsburgh Board of Realtors and chaired the NAREB Make America Better Committee for the state of Pennsylvania. In 1967 he was selected Realtor of the Year by the Pittsburgh Board.

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

HELD AT THE ABBEY BAR AND BOTTLE SHOP ON October 12, 2016

2016 Friends of IREM Appreciation Highlights

LOOK AT ALL OF THAT BEER!!

Cristin bansen with two of our coveted Friends, steve platt with American building maintenance and Matt Korshoj of servepro!

It was a great day to celebrate!

a powerhouse full of irem® members and friends of irem®! Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

FRIENDS OF IREM® ARE OUR LIFE-LINE! Without their support, dedication and contributions, our chapter would be hard-pressed to provide quality, affordable programming throughout the year. THANK YOU TO OUR 2016 FRIENDS OF IREM® FOR ALL OF YOUR HELP AND SUPPORT IN 2016!!

2016 chapter president, traci mccauley, cpm® thanking our friends of irem® for their SERVICE and dedication! www.iremoregon.org 1st Quarter—2017 Edition

An Extensive selection of brews on tap and in the cooler...wow! If you’ve never been, you’ll find the abbey at 1650 nw 23rd st. Page -9-


OREGON-COLUMBIA RIVER CHAPTER NO. 29

2016 IREM® Fall Conference Highlights

BEAUTIFUL SAN DIEGO WAS THE LOCATION OF THE IREM® FALL CONFERENCE IN OCTOBER, 2016.

OUR VERY OWN TARA PLATT, CPM® BEING RECOGNIZED ON STAGE FOR HER NEW DESIGNATION! CONGRATULATIONS Tara!

Newly installed cpm®

Chapter 29 represented! From left to right:- president-elect, valorie Cochran, Cammie allie, tara platt, Julie muir and tammy mills!

Reme finalists includes two-time finalist, Julie Muir, cpm® of Newmark grubb knight frank

ladies of region 12 include From left to right:president-elect, valorie Cochran, Crissie Kay from CTR, tara platt, Lisa Vanderwiel from boise, Cammie allie and Julie muir!

Regional meetings include members from Oregon, Idaho, Washington, and Alaska!

Congratulations to region 12 reme winner, amo® firm of the year Blanton turner, seattle Washington! Representatives are Chastin Fulbright, HEIDI Turner and our incoming regional vice president, barry Blanton! WAY TO GO BLANTON TURNER!!! Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

2016 Award Winners:

2016 Inaugural Highlights Thanking the 2016 IREM® board of Directors

CPM® OF THE YEAR®

CPM® CANDIDATE OF THE YEAR

TARA PLATT, CPM® ARM® OF THE YEAR

CHRIS PASTEUR, CPMc® Friend of the year

From left to right:- Traci mccauley, Cynthia sparks, Julie Muir, laura barry, jim mcdonald, caroline karl, Carmella byers, valorie Cochran, mark st. pierre, tammy mills, cliff hockley, tara platt, chris Pasteur, jaima coleman and david genrich.

BOARD MEMBERS of the year

CAMMIE ALLIE, CPM®, ARM®

2017 Chapter President

Congratulations valorie Cochran, cpm® Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

Newly installed cpm®

Steve platt

Jim McDonald and mark st. pierre

Latonya smith, cpm®

2016 out-going chapter president, traci mccauley, cpm® (THANK YOU FOR YOUR SERVICE! WITH OUT-GOING REGIONAL VICE PRESIDENT, CAMMIE ALLIE, cpm®, ARM® AND INCOMING REGIONAL VICE PRESIDENT, BARRY BLANTON, cpm® OF BLANTON TURNER www.iremoregon.org 1st Quarter—2017 Edition

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®

OREGON-COLUMBIA RIVER CHAPTER NO. 29

The 2016 IREM® Forecast Breakfast at the Convention Center on December 1, 2016 was a huge success, thanks to our volunteers, AMO® Firm sponsors FRIENDS of IREM® and of course, our panelists (David Hill, Karlin Conklin, Thomas Marcus, Jack Gallagher, Gerard Mildner, Peter Stalick and our moderator, Brad Miller)!

THANK YOU NAI Elliott for your Premium Sponsorship!

Distinguished panelists with committee member Ronda Butler is Peter Stalick, Brad Miller, Jack Gallagher David Hill, Karlin Conklin, Thomas Marcus and Gerard Mildner. FRIENDS of IREM® makes it possible to produce our program each year. THANK YOU for your time, efforts, commitment and sponsorship of our mighty chapter!

It takes an army of volunteers to develop and produce the annual Forecast Breakfast! THANK YOU volunteers and Chair Laura Barry, CPM® and Vice Chair Tiffany Van Dyke for your time commitment and leadership! And, many thanks to Northwest Furniture Outlet, NW Landscape Services, Fast Signs Tigard, Vocalist Sarah Haws, video editor Melinda Pursley and the Portland Business Journal for donating services, time and advertising!

Last but certainly not least, we give THANKS to our AMO® Firm Sponsors who’s donations allow us to provide quality and affordable programming! Bluestone & Hockley Real Estate Services | CBRE, Inc. | Colliers International Criteria Properties | Cushman & Wakefield of Oregon, Inc. | Guardian Real Estate Services | Income Property Management Co. | Kidder Mathews Norris & Stevens, Inc. | Quantum Residential Inc. | The Management Group, Inc. | and Wyse Real Estate Advisors Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Thank you to Tom Sjostrom with BOMA for leading our Unreinforced Masonry Building breakfast on February 16, 2017! We enjoyed great food and learned the potential impacts of legislation aimed at unreinforced buildings in Portland. THANK YOU to Lovett Services for your generous sponsorship of this breakfast!

THANK YOU Lovett Services for your generosity!

Tom Sjostrom highlighting BOMA’s position on proposed URM policies We packed the HOUSE!

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

®

why IREM ?? Join us and find out! Network with IREM® members and Industry Partners to find out how IREM® can benefit YOU, your career and your company!! Guest Speaker: IREM® Regional Vice President, Barry Blanton, CPM® will provide information on the national institute and much, much more!

REGISTER: www.iremoregon.org

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Registration will be opening soon at www.iremoregon.org Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Everything

Multi-Family...

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

City of Portland Ordinance on Relocation Assistance By: Bittner & Hahs, P.C.

In February 2, 2017, the Portland City Council unanimously passed an amendment to its renter protection ordinance. The amendment requires a landlord to pay tenants relocation assistance if: (i) the landlord issues an end of tenancy termination notice or fails to renew a fixed term lease upon substantially the same terms; or (ii) increases the rent by 10% or more in a 12-month period and the tenant elects to vacate. The ordinance applies only to dwelling units located within the City limits. Termination notice. If the landlord issues a termination notice without cause (which includes a landlord declining to renew a fixed-term lease on substantially the same terms except for rent) the landlord must pay relocation assistance not later than 45 days prior to the termination date. Rent Increase. If a landlord issues a rent increase notice of 10% or more in a 12 month period, and the tenant, within 14 days after receipt of the increase notice, gives written notice that the tenant will terminate the tenancy, the landlord must pay relocation assistance within 14 days after receiving the tenant’s termination notice. Rent increases include all associated housing cost increases, such as adding utility costs or increasing a fixed monthly utility payment, garage/carport rent, etc. A notice that conditions the renewal or replacement of an existing fixed-term tenancy on paying increased rent or associated housing costs is subject to this ordinance. Amount of Relocation Assistance. The amount of relocation assistance depends on the size of the unit. $2,900 for a studio or single room occupancy $3,300 for a one-bedroom $4,200 for a two-bedroom $4,500 for a three-bedroom or larger. Exemptions. The new ordinance does not apply to: (i) week-to-week tenancies; (ii) a landlord who temporarily rents out their principal residence during the landlord’s absence of not more than 3 years; (iii) tenants who occupy the same dwelling unit as the landlord; and (iv) a landlord who rents only a single dwelling unit in the City of Portland. Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29 ….Continued from previous page

Transition. The ordinance applies to all end of tenancy notices and rent increase notices pending as of February 2, 2017. To clarify transition issues, the ordinance provides: (i) for pending termination notices, a landlord must, no later than March 4, 2017, either notify the tenant that they are rescinding the termination notice or pay the relocation assistance; and (ii) for pending rent increase notices of 10% or more, no later than February 18, tenants must notify the landlord they are electing to terminate the rental agreement, and the landlord then has 14 days from the tenant’s notice to either rescind the rent increase, reduce the rent increase to 9.9% or less, or pay the relocation assistance. Expiration Date. The ordinance expires on October 7, 2017, unless the housing emergency declared by the Council is extended by a new Council vote. FAQ: Following are some questions we have already received and our best guidance at this time. Q. Does the ordinance apply to a termination notice that expired prior to February 2, 2017? A. No. Q If we timely rescind a currently pending 90-day termination notice or pending rent

increase notice and the tenant vacates anyways, are we responsible for relocation assistance? A. No. The ordinance allows you to rescind a pending termination notice by March 4, or rent increase notice within 14 days after the tenant notifies you they are terminating, and avoid paying any relocation assistance. However, it is unclear what happens if the tenant vacates prior to March 4 based on a pending termination notice that expires prior to March 4, which you have not rescinded as of the date the tenant vacates. Based on the language of the ordinance, you should not have to pay relocation assistance. However, to be safe, if you are going to rescind a notice that expires prior to March 4, we recommend issuing the rescission prior to the termination date. Q. There is a pending rent increase notice of 10% or more. If a tenant notifies you of their

election to terminate the rental agreement on or before February 18, what are your options? A. You may either: (i) give written notice rescinding the rent increase notice; (ii) give written notice reducing the rent increase to less than 10%; or (iii) pay relocation assistance. Based on the language of the ordinance you can:

Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29 ….Continued from previous page

elect to reduce the rent increase amount to 9.9% less without having to issue a new 90day notice. It is unclear if this complies with the 90-day rent increase notice requirement under state law, but we feel confident a judge would allow the original notice to stand since the rent increase is being decreased and not increased. Q. How do we determine if a rental unit is within the City of Portland? A. Do not rely on street addresses or zip codes. Refer to the map of the city boundaries which can be found at https://www.portlandoregon.gov/bps/article/51672 Only areas within the incorporated city are subject to the ordinance. Q. If a landlord offers to renew a fixed term lease, and any one of the options (including the

MTM option) involves a rent increase of 10% or more, and the tenant timely elects to vacate, does the ordinance apply? A. Yes. The ordinance applies to any rent increase of 10% or more, even if the tenant has the option of accepting a lower increase under a fixed term option.

Q. Does the ordinance apply to a “for cause”, 24-hour or non-payment of rent termination notice? A. No. The ordinance only applies to a “no-cause” end of tenancy notice, or the refusal of a landlord to renew a fixed-term tenancy on substantially the same lease terms, except rent. Q. How must a tenant give notice of his/her election to terminate after receiving a rent increase notice? A. State law requires a tenant to give a written termination notice at least 30 days prior to the termination date. The ordinance does not change this requirement. The ordinance simply says the tenant must give written notice “of the Tenant’s intent to terminate the Rental Agreement”. We read this as requiring a formal termination notice since you must pay relocation assistance based on the tenant actually terminating the tenancy. Q. If the tenant timely elects to vacate after receiving a rent increase notice of 10% or more, must the tenant specify that they are leaving because of the rent increase, as opposed to other reasons, as a condition to receiving payment? A. No, the tenant is not required to provide any reason for terminating. Q. What is the penalty for failure to follow the ordinance? A. The tenant can recover the relocation assistance amount PLUS a penalty of up to three months’ rent, attorney fees and court costs. About the Author: Since 1992 Andy has become one of the leading authorities on Oregon's landlordtenant law. He represents a large share of the residential property management companies in the tri-county area as well as numerous commercial landlords and tenants. Bittner & Hahs P.C.: 4949 Meadows Rd, Suite 260, Lake Oswego, OR 97035. 503-228-5626.

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

In the race for the best amenities in new Seattle apartment buildings there are some pretty cool entries: a climbing wall at a South Lake Union property, and inside ramps for bicyclists at a Fremont project called Velo. Add hens to the list. There's a flock of them on top of Bowman, the recently opened mid-rise project at 3801 Stone Way N. The developer, the Seattle office of Foster City, California-based Legacy Partners, thinks it's the first rooftop chicken coop in Seattle. Legacy Partners Senior Managing Director Kerry Nicholson said the "apartment amenity war keeps escalating with bigger, more lavish, sexy resident lounges, media rooms, etc." Bowman has pretty much all of the sexy ones, he said, plus the snazzy chicken coop. "There are five very colorful and spirited hens," he said. "The human residents love stopping by to check on them and see what they are up to. We even have a chicken coop cam so you can check on them from afar." Chickens made sense to Legacy Partners Vice President Steffenie Evans. "She had been interested in bringing the urban farming concept to the multifamily industry for quite a while, but hadn’t found the right fit until Bowman," said Legacy Development Manager Sarah Argudo. Chicken farming is so popular in Seattle that several years ago Redfin named Seattle the fifth best city to have chickens. Chickens seem especially popular in the neighborhood around the Bowman, so Evans proposed a coop for the building. Seattle allows chickens, so there were no permitting challenges, but there were construction issues to consider. "We had to be very mindful in how we penetrated the roof and we had to ensure that none of the chicken waste came in contact with the roof membrane," Argudo said. Constructed by Berg Danielson of Seattle-based Saltbox Designs, the coop is on a special curbing to support and elevate it. Kevin Scott-Vandenberge with Portage Bay Grange in Seattle is teaching Bowman staff how to care for the chickens, and the eggs are offered to residents after they sign a liability waiver. How much of a draw the hens and other amenities are for Bowman still is playing out. The building opened in May and is still in lease-up, with 69 percent of the 278 apartments leased. For Legacy Partners, the coop is providing free publicity, and that's no chicken scratch. Source: Puget Sound Business Journal. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

By:

Cliff Hockley Bluestone & Hockley Real Estate Services

2017 Portland-Metro Real Estate Forecast

A new year is dawning and with it a new President. Donald Trump was inaugurated on the 20

of January, 2017 and his approach will create significant changes in the US economy. It’s too early to tell what those changes will be, but we can assume they will be pro-business. That should be good for real estate investors. th

Oregon has had an exploding economy. You can tell by the clogged Portland area freeways that there are more people here than the existing infrastructure can support. The Oregon legislature knows that, and will be bringing legislative bills to the table to help. Unfortunately, this all takes time and we will probably not see the impact of decisions made in Salem for five years. The good news is that the Portland job growth is averaging 2.7% over the last year (source the Oregon employment department), with significant growth in construction, education, health, hospitality and government services and no growth in mining, logging or manufacturing. Statewide Oregon has had significant job growth as well as documented by the U.S. Bureau of Labor Statistics. In September of 2016 Oregon ranked second in the country for its strong job growth rate. September 2016 year over year rankings for job growth top 5 states: November 2016

#1 Florida #2 Oregon

All Oregon

#3 Idaho

Multnomah

#4 Washington

County

#5 Utah The unemployment rate in the Portland Metro area is hovering at about the 4.6 percent range. Balancing these low unemployment rates are the fact that Portland seems to have an unstoppable in- migration of over 100 people per day (Thank you Portlandia).

Washington County Clackamas County Clark County

Unemployment rate 5% 4.4% 4.2% 4.7% 5.7%

Data from the St. Louis Federal Reserve (https:// Job related challenges that Portland companies face in the coming fred.stlouisfed.org/series/WACLAR1URN) and the year include: State of Oregon Employment department  The continued job churn as Millennials try to find the job they like the best.  The reduction of illegal immigrants (re president Donald Trump and his wall to Mexico and reduction in H-1B Visas).

Businesses will try to adjust by continuing to automate where ever they can to reduce employee head count. None the less rent will continue to increase and new Portlanders will need housing. The critical question will be, if Portland businesses can pay the employees enough to cover the significantly increased market rents. Economists believe that the current national economic expansion should continue into 2017, albeit at a slower rate. Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29 ….Continued from previous page

2017 Portland-Metro Real Estate Forecast

Forecasting the Future 2017: Who are the investors in Portland? Buyers investing in the Portland Metro area are divided in the following categories: 33% of the Buyers come from California 55% of the Buyers are from Oregon 12% of the Buyers are from out of the country or from out of State These allocations set the stage for investing in Oregon and candidly set Buyer and Seller expectations. Those investors from out of state will tend to pay more and in state investors will tend to be more conservative.

Finance We expect the following to occur:  The Lending climate will stay competitive  Interest rates will increase by at least 100 basis points over the year  There will be some CAP Rate compression  Money to lend is available in all categories, with adjustments by different banks as their credit officers make adjustments to their loan portfolio.  Private capital is available to invest from out of state lenders

Apartments Apartments will continue to be the golden child of the marketplace due to low vacancy rates. But there are indications of overbuilding in the marketplace, in particular we are seeing plateauing of values and rents on the high end of the spectrum, some of this may be due the increasing homeownership rates among Millennials as they marry and have children. Local investors are going to hold onto their properties, because they are making money. Many investors are taking that money and upgrading and improving their properties in order to compete with the higher end units. Real estate investors might sell if they get shaken by the continued push for rent control.

The following bills are currently being introduced into the Oregon legislature. HB 2003 and HB2240 are particularly challenging to Oregon Landlords. In their current draft form they may discourage investors from investing in apartment dwellings. HB 20 03 Repeals prohibition on city or county ordinance or resolution controlling rent charged for rental of dwelling unit. Section 1 repeals ORS 91.225. Section 2 (4) says localities can impose restrictions which have the effect of setting sale or rent prices. HB 2240 Prohibits landlord from terminating month-to-month tenancy without cause. Continues to allow tenants to terminate with 30 days’ notice and restricts landlords to terminate with 90-days’ notice prior to the end of a fixed term or thereafter for cause, renovation, conversion, or personal use and occupancy (owner or purchaser, immediate family). Or landlord can pay tenant relocation assistance equal to three months’ rent. Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29 ….Continued from previous page

2017 Portland-Metro Real Estate Forecast

HB 27 24 Directs Housing and Community Services Department to develop and implement Rent Guarantee Program to provide incentives and financial assistance to landlords that rent or lease to low income households by guaranteeing payments to landlords for unpaid rent and for eviction and property damage costs within certain limits. We can see that a slowdown has started. Rents are pulling back for new construction and significant free rent specials are being offered. Construction growth of apartments will also slow down for apartments on at least a temporary basis, if rent control is put in place. Not to forget, last week the city of Portland passed an ordinance that restricted no cause notices and rent increases of more than10% (www.portlandoregon.gov/eudaly/ article/625338).

Retail Portland’s continued population growth and favorable demographics made it one of the most robust retail markets in the Pacific Northwest during the fourth quarter of 2016, attracting a variety of retailers. Net absorption was positive 423,083 square feet in the final three months of the year, the market’s best since the third quarter of 2015. These move- ins were accompanied by 339,090 square feet worth of leasing transactions and vigorous investment activity that saw the following two shopping centers change hands. Progress Ridge Town Square, Beaverton 213,849 s.f. Investment Purchase $95.197M or $445/s.f. Gresham Station Shopping Center, Gresham 341,186 s.f. Investment Purchase $86.3M or $253/s.f. The combination of limited availabilities and unyielding demand pushed asking rents upward across the metro area, to an average of $18.16 market wide. Single-tenant properties are a particularly treasured asset, trading at cap rates below 6.5%, and those with nationally known retailers have changed hands at 5% cap rates in recent months. Metro market place vacancy for retail is currently 4.1%. Interesting to note is that approximately 93% of all retail sales are completed through brick and mortar stores, while only 7.6 percent of all retail sales are completed over the internet. (Costar and Kidder Mathews 4th Quarter retail report.)

Industrial Industrial demand is staying strong. The Metro Area Industrial vacancy rate decreased from 4.5% in the first quarter of 2016 to 3.9% in the 4th quarter. This is the lowest vacancy rate in the Portland marketplace over the last 10 years. Warehouse projects saw vacancy drop 0.5% to 3.5% between the first and fourth quarters. Most dramatically, Flex space saw a decrease of 1.6% over the year ending at 7.8%. While the decrease in supply is remarkable, it stands to reason that asking rents would be increasing as they have been over the last many quarters. However, there was a surprising 1.7% decrease over the third quarter of 2016. This left the average asking rent in the sector as a whole at $7.62. Asking rents for new Industrial (not flex) construction is coming in from $.54 to $.63 cents a foot per month. Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29 ….Continued from previous page

2017 Portland-Metro Real Estate Forecast

Is there a bottom to these vacancy rates and, can rents just keep growing? After the general economic health of our region and nation, new supply will have the greatest impact influence on these metrics. At the end of 2016 there was a little over 240 million sour feet of Industrial space in the Metro area with limited supply being constructed. Only 1.9 million square feet, less than 2% of the existing was under construction at the end of the year and half of this is pre- leased. The lack of land in the core of the city’s Urban Growth Boundary (UGB) is forcing new larger developments into the suburbs. All these factors combine to suggest the tight vacancy and higher rents should continue, making investing in industrial properties a desirable investment. Not surprisingly then, is the effect of these metrics on CAP Rates which declined to approximately 5.2% in recent transactions.

Office Portland’s overall office vacancy remained at 7.5% in the fourth quarter of 2016, unchanged over the previous quarter. Net absorption was positive 126,176 for the quarter, compared to positive absorption of 291,559 square feet over the third quarter 2016. There is significant development taking place to meet the strong demand for office space, with seven buildings coming online in the fourth quarter, totaling 193,434 square feet, and an additional 2.3 million square feet currently under construction at year end (CoStar Portland Office Market Year-End 2016 Report). Portland’s CBD market vacancy rose slightly over the third quarter, from 9.4% to 10.1%, with most other submarkets showing negligible changes over the previous quarter. Lease rates continue to trend upward, with a market wide average of $24.32, full-service, while Class A assets are achieving rents in the high $30s on a triple-net basis (Kidder Mathews Portland Office 4th Quarter 2016 Report). Sales activity also remains strong in Portland, with significant national and international institutional investors, as well as local investors and owner-users. Cap rate compression in the nation’s primary markets continues to make Portland an attractive alternative for investors to place their capital. Portland’s strong talent pool and great quality of life also makes it very attractive to tech and creative companies who continue to locate here from out of state.

Hotels 2016 was another very good year for hotels. Occupancy rates in Portland were at 77.6 % up 1.6% from the previous year. Average Daily Rate also grew to $134.19 per night, up 5.4% from the previous year. Year to date, revenue per available room (REV PAR) through August 2016 was up 7.2% increasing from $97 to $104 per night. In July 2016 numbers showed that Oregon had the most hotel rooms sold ever. Such strong demand for Oregon’s hotels had led to a healthy pipeline of hotel development. Portland alone has over 4,000 new rooms are expected to come online between now and mid-2019, a 13% increase in supply. This includes the controversial 600 room Hyatt Regency Convention Center Hotel being developed by Mortenson Development and Hyatt hotels. Construction on this hotel is scheduled to begin this summer and with an anticipated opening in late 2019. Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29 ….Continued from previous page

2017 Portland-Metro Real Estate Forecast

Even with strong demand and other positive market dynamics this amount of new supply over the next several years will most likely put downward pressure on occupancies. Even though hotel sales volume was strong throughout the state,, Portland’s hotel transaction volume decreased in 2016, although the average price per unit increased by about 6% with the average price per room being $221,368. The largest hotel transaction in Portland was the Porter Hilton Curio sold in Q1 2016 for $90,000,000. This 299 guestroom hotel is currently under development and scheduled to open April 2017.

CAP Rates are known to have fallen slightly in the last two years resulting in higher prices to Sellers of hotel assets. It is expected that the CAP Rate in our region is generally going to be between about 9.5% and 12%. Oregon and Washington hotel sale comparables collected since the beginning of 2015 show the average limited hotel sold in this region as being an 85-unit property sold for approximately $86,000 per key. However hotel values vary greatly based on many factors.

Buyers It’s a good time for buy because interest rates are still low and there are over 100 people moving to Portland every day, with many more moving to the Pacific Northwest. We are known for our robust natural settings and demand for leisure travel. The continued immigration of new people from out of state coincides with an increased demand for hotels as all Oregonians like to travel around the state. This growth is creating an increased demand for hotel rooms. We feel that more opportunities to acquire hotels will be present themselves in the second half of 2017, especially in secondary and tertiary markets.

Sellers It is a Seller’s market with high barriers to entry allowing for premium pricing. However, with flattening occupancy due to increased construction of new hotels major metropolitan and secondary market areas, the battle will be to maintain RevPAR will rely heavily on efficient asset management, marketing, and budgeting for the foreseeable future.

Summary In summary, the Portland Metro is poised for continued growth in 2017. Given the pressure from California investors and California companies that are fleeing the high cost of operations and taxes, we expect a strong 2017. Will that continue into 2018, no one knows at this point? In the mean time we will keep searching for great investment opportunities for our clients.

About the Author: Clifford A. Hockley is President of Bluestone & Hockley Real Estate Services, greater Portland’s full service real estate brokerage and property management company. Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Office Chatter

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

As the National Office Sector Falls, Portland Named a ’BUY’ market

An increase in maximum floor area of more than 3,000 extra square feet has been requested for an industrial office located at 1615 SE Third Avenue in the Central Eastside Industrial District. It’s just another example of the office space crunch Portland is experiencing, as the city was named the No. 1 market for office investors despite a national stall in the sector, according to Ten-X's U.S. Office Market Outlook forecast released last week. Ten-X is an online real estate transaction marketplace, parent company of Ten-X Homes, Ten-X Commercial and Auction.com. The company, headquartered in Irvine and Silicon Valley, has sold more than 260,000 residential and commercial properties worth more than $43 billion. The long-term forecast projects that the office building sector's fundamentals appear to be stalling after years of slow recovery, as vacancy rates plateau despite a healthy labor market and growing national economy. The top five markets to buy and sell real estate assets are Portland, Oakland, Palm Beach, Fla., Orange County, Calif., and Miami. The West Coast and Florida regions are fueled by high demand for office space. Ten-X projects a potential downturn in 2020, but also rates Portland as the most promising market

for office investors.

Nation still recovering: Peter Muoio is the chief economist for Ten-X. "After a long, gradual

brecovery following the last recession, the office sector has seen its progress slow significantly over the last year," Muoio said. "While it faces long-term challenges as technology increases the viability of non-traditional working arrangements, the resilient economy makes it likely that the current malaise is only temporary." The Ten-X models project moderate improvement as the economic advancement continues, although the office sector currently faces challenges to overall growth including the new shared office model. Due to cyclical factors, vacancy rates are projected to hit a low of 15.3 percent by 2018, and then regress to 17.6 percent during the following two years. During the third quarter of 2016, overall investment sales volume in the sector totaled $35 billion. "Overall demand should increase as employers continue to add jobs over the next two years, which bodes well for investors' long-term prospects in most areas of the country," Muoio said. The bottom markets are Houston, Cleveland, suburban Maryland, Memphis and Milwaukee, where Ten-X research points toward selling out. Continued…. Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29 ….Continued from previous page

These cities are being undermined by weakening labor markets, which have reduced demand for office space and significantly slowed absorption rates," according to the findings. Nationally, the vacancy rate has been a steady 16 percent for the past three consecutive quarters, lower than a year ago. "The slowdown can be traced to weak absorption, as only 70 million square feet of new supply has been occupied during each of the last two quarters," the findings show. The downturn is unexpected because of the strong labor market continually adding jobs to the expanding economy. "Low unemployment, consistent payroll gains and rising wages should offer a boost to overall demand for office space, though the national economic picture is marked by stark differences among markets in different regions," according to the research.

Portland's 'buy' market: As one of the top five 'buy' markets in the office sector, Ten-X attrib-

utes Portland's current success with the city employment rate, which has increased 2.7 percent over the last year while the population has also risen 1.7 percent (double the national rate). The financial and business sectors are thriving and driving growth, filling the office vacancies to near prerecession levels. As for rent rates, which have been growing steadily, they are up more than 4 percent year over year, and are projected to reach a record high of more than $20 per square foot by 2018. Nationally, rent growth has hit a slump, edging up 0.4 percent in the third quarter and 2.8 percent over the past year — slower than 2015. Nationwide rent growth is projected to speed up roughly 3 percent increases per annum from 2017-2018, reaching a peak of over $27 per square foot before contracting as vacancies begin to rise again. In Oakland, the office sector is driven by sparse supply and rent growing 7.8 percent over the last year. The area is adding population and jobs, and rents are expected to continue increasing. Palm Beach's population is growing at the fastest pace in a decade, with employment at an all-time high. The supply of office space hasn't been increasing much, so it's in high demand. In Orange County, office rents were at their highest since the recession, improving 4.8 percent to peak at $23.70 per square foot. Unemployment is at a low of 3.6 percent, and Ten-X projects a 5.4 percent annual growth for the properties through 2018. Miami's employment has increased 1.6 percent over the last year and is up 7 percent from its prerecession peak, lowering office vacancies to 14.3 percent. According to Ten-X, these are the top five cities to invest in office space — and Portland is feeling the crunch. Source: Portland Business Tribune, February 13, 2017 Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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PIONEER PLACE‌ MALL OR OFFICE BUILDING?

OREGON-COLUMBIA RIVER CHAPTER NO. 29

Pioneer Place mall is bringing in a big new tenant, but not one that sells clothes or shoes. Instead, it'll be the second Portland location for WeWork, a popular New York-based shared-office company that caters to freelancers, startups and traveling employees. The company first arrived in 2015, leasing space in the landmark, and long vacant, former U.S. Custom House in the Pearl District. The Pioneer Place location will open in the spring. The downtown mall's unusual tenant arrives as shopping centers across the country try to find their footing. Their traditional anchors are fighting the tides of online shopping, leaving big chunks of empty space. In Portland, the Lloyd Center is undergoing major renovations that included repurposing its old movie theater as office space. Next door to Pioneer Place, Macy's is holding a clearance sale; its five floors in the Meier & Frank building will be converted into street-level retail and creative office space by the new owner. Office space is an uncommon use for a shopping center -- often a last resort to fill out space that would otherwise sit empty. But WeWork, which stocks craft-roasted coffee and whose aesthetic leans more toward hip than sterile, isn't one to soak up space just because it's available at a fire-sale price. Instead, it says the mall provides access to retail and restaurants that wouldn't be close at hand from the upper floors of an office tower. WeWork expects to house 675 users in its new 30,000-square-foot space. Mall managers say they'll bring new energy to Pioneer Place as it, like many shopping centers, works to reinvent itself. "We operate best-in-class retail properties, providing an outstanding environment to our communities," said Bob Buchanan, the senior general manager for Pioneer Place. "It's something that we take very seriously, but to achieve that, we need to continuously evolve." WeWork's arrival will mean more foot traffic, the lifeblood of urban retail. Its members will be able to use a separate entrance on Southwest Fifth Avenue -- allowing them office access when Pioneer Place is closed -- but they'll also have direct access to the mall. Source: OregonLive.com Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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INSIDE

RETAIL

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THE WORLD OF

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Troutdale will soon be home to an enormous Amazon facility. The Port of Portland Commission voted unanimously to approve the sale of about 74 acres at the Troutdale Reynolds Industrial Park for the development of a 855,000 square foot Amazon fulfillment Center. Port of Portland’s Keith Leavitt, said the addition of the Amazon facility would add “significant job growth and economic activity” to the communities in East County. Purchased for approximately $20 million, Troutdale Associates LLC plans to sign a long term lease with the Seattle-based retail giant. Developer Trammel Crow Co. will manage the design and construction of the facility. Because the site is located in an enterprise zone, Amazon may qualify for tax breaks for up to five years. Amazon’s fulfillment centers are home to the printers, labelers and conveyor systems that enable it to fill customers’ orders. According to its website, it operates more than 50 fulfillment centers throughout the U.S. Last month, it announced it would open its first fulfillment center in Colorado, creating 1,000 full -time jo9bs. It’s unclear how many jobs the Troutdale fulfillment center could offer. The internet retailer’s need for more room to store and process its products is increasing as sales continue to grow. It reported $136 billion in revenue in 2016, a 27% jump over 2015. Not their only presence in the state, Amazon owns Elemental Technologies, a fast growing video-encoding company that employs hundreds in downtown Portland; it has an array of large data centers at the Port of Morrow near Boardman; last year it opened a distribution center in Hillsboro and it recently opened a bookstore at the Washington Square Mall. The facility is expected to open in 2018. Taken in part from OregonLive.com Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

SHUTTERING DOORS... J.C. Penney Co. is to close 130-140 stores and two distribution warehouses over the coming months, but the company says brick-and-mortar stores nevertheless remain a central pillar of its strategy for growth. The company, which operates over 1,000 stores across the U.S. and Puerto Rico, says it will identify which stores are slated to close in mid-March. "In 2016, we achieved our $1 billion EBITDA target and delivered a net profit for the first time since 2010; however, we believe we must take aggressive action to better align our retail operations for sustainable growth,” said Marvin R. Ellison, chairman and CEO, in a prepared statement. “During the year, it became evident the stores that could fully execute the company's growth initiatives of beauty, home refresh and special sizes generated significantly higher sales, and a more vibrant in-store shopping environment. We believe the relevance of our brick and mortar portfolio will be driven by the implementation of these initiatives consistently to a larger percent of our stores. Therefore, our decision to close stores will allow us to raise the overall brand standard of the Company and allocate capital more efficiently." Despite the closures, Ellison expressed the company’s commitment to a brick-and-mortar strategy. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat of online retailers. Maintaining a large store base gives us a competitive advantage in the evolving retail landscape since our physical stores are a destination for personalized beauty offerings, a broad array of special sizes, affordable private brands and quality home goods and services,” he said. “It is essential to retain those locations that present the best expression of the JCPenney brand and function as a seamless extension of the omnichannel experience through online order fulfillment, same-day pick up, exchanges and returns.” Ellison says that the number and location of J.C. Penney’s stores put it at an advantage over its pure-play competitors. "While many pure play e-commerce companies are experiencing dramatically increasing fulfillment costs, we are pleased with the double digit growth of jcpenney.com and how leveraging our brick and mortar locations is enabling us to offset the last-mile delivery cost,” he said. “We believe the future winners in retail will be the companies that can create a frictionless interaction between stores and e-commerce, while leveraging physical locations to minimize the growing operational costs of delivery. In fact, in 2016 approximately 75 percent of all online orders touched a physical store. Even with a reduced store count, JCPenney is competitively positioned to deliver a differentiated department store model that meets the expectations of a digital world with an inspiring, tangible shopping environment." While the company anticipates the closures will result in a pre-tax charge of about $225 million, it expects it will yield annual savings of about $200 million. Source: ICSC Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Ask Congress to Pass

E-fairness!

Community-based retailers have waited for more

than two decades for Congress to take action and close the online sales tax loophole. E-fairness

legislation is critical to leveling the playing field for our local retailers and reinforcing our local

sales tax base to support our schools, infrastructure and first responders.

Specifically, we need legislation that provides

parity when a purchase is made. A consumer should be

able to clearly understand what their tax obligation is when they make a purchase and that consumer’s

obligation should be the same tax rate regardless of if the purchase is made at a local store, on a mobile device or from a computer.

Make sure Congress knows that we want a fair

chance to compete and that you expect E-fairness NOW!

Visit icsc’s action page at: http://p2a.co/kAOO4Zl

to let your voice be heard!

Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Did you know??? Portland’s

Pittock Mansion… The Pittock Mansion is a French Renaissance-style chateau in the West Hills of Portland. Built between 1909 and 1914 as a private home for London-born Oregonian publisher Henry Pittock and his wife, Georgiana, it has 46 rooms and is built of Tenino Sandstone on 46 acres. It’s now owned by the Bureau of Parks and Recreation. The Pittocks had six children and Georgiana was active in the community, devoting her time to a plethora of charitable and cultural causes. In 1911 a Portland City Council member, Will H. Daly, brought attention to Pittock who had arranged for a water line to the site at the City’s expense, despite it being located outside of the city limits at the time. The incident contributed to a longstanding feud between Pittock’s paper and Daly, which ultimately led to the end of Daly’s political career! In 1962 the Columbus Day Storm caused such extensive damage, the then current owners considered demolishing the building. Instead, the community raised $75,000 in order to help the city purchase the property. Seeing it’s tremendous value as a unique historical resource, the City of Portland purchased the estate in 1964 for $225,000. It took over 15 months to restore the mansion and it opened to the public in 1965. It was added to the National Register of Historic Places in 1974. It’s first screen debut was in 1977 in the romance film “First Love” starring Susan Dey and William Katt. Its second appearance was in the 1982 slasher film “Unhinged”...which was subsequently banned in various countries as “video nasty”! In 1989, it was used in the movie “The Haunting of Sarah Hardy” staring Sela Ward and Morgan Fairchild, in 1983 in the “Body of Evidence” staring Madonna and Willem Dafoe and it was used as the finish line in the 13th season of the 6-time Emmy-winning reality game show, “The Amazing Race”. The 3rd floor housed 3 servants rooms, a bath, Henry Pittock’s office and the largest room in the house, a children’s play room (large enough for riding bikes and tricycles). The underground level has an oval billiard room with adjoining card rooms, a walk-in vault, a wine cellar, storage areas and a laundry room. The Pittock’s outfitted the home with the latest in modern luxuries at the time: an Otis elevator, intercoms, and a private shower that was like a “human carwash” with horizontal needle sprays including a “liver spray” and a “toe tester”. Sadly, the Pittocks enjoyed their home for only 4 years by Georgiana who died in 1918 and 5 for Henry, who died a year later. It was kept in the family until the mid 60’s. Rumor has it that the mansion is haunted by the Pittock’s to this day.

NOW, YOU KNOW!

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

AAA Heating & Cooling, Inc.

Apartment Guide

Benge Industries

Cantel Sweeping

CentiMark Roofing

Columbia Roofing & Sheet Metal

Crystal Greens Landscaping

Expresso Building Services

HARBRO Restoration

Hunt Painting

Indigo Paint & Contracting

Interstate Roofing

J.R. Johnson, Inc.

Kennedy Restoration

LandCare

Local Plumbing

Lovett, Inc.

MultiFamily Northwest

Millennium Building Services

NW Tree Specialists

OregonAire

Pavement Maintenance

Perlo Construction

PG Long Floor Covering

Portland Business Alliance

Portland General Electric

Rose City Moving & Storage

Squires Electric

The Oregonian

Township United Building Svs

Walter E. Nelson Company

Water Solutions Northwest

THERE’S STILL TIME!

If you’re interested in becoming an IREM® Industry Partner, or know of a company who would benefit from the hundreds of office, retail, residential and industrial property managers who frequent our events, give us a ring! See the following page for a list of benefits! A huge thank you to our new and renewing 2017 IREM® Industry Partners!

THANK YOU!! Contact the chapter office at info@iremoregon.org or 503.228.0002 or the 2017 IREM® Industry Partner Co-Chairs, Caroline Karl at carolinek@crrealestate.com, Mark St. Pierre at mstpierre@interstateroofing.com or Jim McDonald at jim.mcdonald@oregon-aire.com. Thanks! Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

 TWO complimentary tickets plus advertising at the annual FORECAST BREAKFAST held in December of each year.

Your name will be on the IREM® Industry Partner banner, and your name and company biography will be included in the event transcripts. This is an opportunity to showcase your business to approximately hundreds of real estate professionals in our industry!

 Opportunity to provide articles and information in the quarterly InFocus Newsletter.  Annual access to over 300 participants and members of the Institute of Real Estate Management, including Certified

Property Managers (CPM®), Accredited Commercial Managers (ACoM®) and Accredited Residential Managers (ARM®) in the Portland area.

 One complimentary set of mailing labels to the Chapter membership at no charge. (However, we will not send until

requested so the information you receive is as up to date as possible.)

 The ability for up to two of your company’s representatives to attend IREM

member rate (excludes the Annual Awards/Inaugural Dinner).

®

monthly membership meetings at the

 A special introduction at the first luncheon after your inception date, and each anniversary thereafter if you renew

your sponsorship. ®

Industry Partner name tags for use at IREM® monthly meetings identifying you as an Industry Partner (direct soliciting is not permitted, placement of brochures and business cards at tables however, is acceptable with advance notice).

 IREM

®

 Your company name listed as an IREM Industry Partner on our website: www.iremoregon.org  Multiple opportunities to further advertise your company with meeting and event sponsorships and/or donations for

raffle prizes.

 Introduce and recommend a new IREM

®

Industry Partner office. Once that referral has been approved, your company will be credited $300 off of your next years' program sponsorship PER NEW Partner! The program allows any IREM ® Industry Partner in good standing to bring up to THREE (3) new Partners per company in the calendar year. That's up to $900 off of your following years’ program sponsorship!

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OREGON-COLUMBIA RIVER CHAPTER NO. 29

Send us Your Articles!!

We know our members are multi-talented and have obtained special skills and knowledge over the years! Why not share that information for the benefit of your fellow industry colleagues?

WE WANT YOU! Let your voice be heard! Send us your ideas and/or articles and we’ll do the rest. You don’t have to know how to put an article together...we can help with that. Just get us the facts and figures and your industry expertise! Show the world what you know and what you’ve learned from your experiences.

Submit your ideas and articles to: info@iremoregon.org today!

PO Box 757 | Troutdale | OR | 97060 503.228.0002 | phone www.iremoregon.org | website www.irem.org | national website Institute of Real Estate Management Oregon-Columbia River Chapter No. 29

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