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Exit update: Portland, OR apartment project winds down due to permitting delays

Since our capital was never deployed, we neither exposed our principal to any risk, nor did we earn any returns.

Dec 13, 2019

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In February 2018, we committed to a $2 million investment in the construction of a 180-unit apartment community in the Beavercreek area of Portland, Oregon. As is typical of our investments in construction, we planned to fund the commitment in draws over time, releasing the money incrementally upon documented completion of agreed-upon milestones, such as foundation, framing, roofing, etc.

As a result of unforeseen delays with city approval of the development plans needed to start construction, the project’s sponsor ended up not needing our capital. Consequently, we terminated the investment agreement. Since they never drew on our investment, we neither exposed our principal to any risk, nor did we earn any returns.

While we would have liked to see this project go forward, it demonstrates the value of structuring construction investments as draws to avoid a scenario where capital is deployed into a project that never gets off the ground.

As always, please don’t hesitate to reach out to investments@fundrise.com with any questions or feedback.

All updates on this asset

New acquisition: Luxury apartment development near Portland, OR

Feb 13, 2018

Exit update: Portland, OR apartment project winds down due to permitting delays

Dec 13, 2019

More about this asset

The Villages at Beavercreek

Oregon City, OR

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