DOWNTOWN BEND LOFTS OFFERED THROUGH INNOVATIVE ONLINE AUCTION
Housing Works and KemperCo, LLC, joint developers of Putnam Pointe, the new mixed-used development in downtown Bend, Oregon, are offering the project’s penthouse condominiums for sale through an innovative online auction. The Lofts will be sold through MarketMaker (www.themarketmaker.com) in the only online auction of real estate in the Pacific Northwest.
“The Lofts are a unique product, a combination of high quality construction and amenities at an affordable price point in the center of town,” said Tom Kemper of KemperCo. The Lofts feature: a combination of bay windows or recessed private decks, a secured main entry, energy saving appliances, air conditioning, washers and dryers, secured access to a parking space in the building’s basement garage and amazing views of the Bend downtown from the fifth floor location.
Putnam Pointe was completed in April, 2009 as the Bend housing market fell dramatically, as much as 50% or more. After extensive marketing with the original restrictions which limited buyers to those earning up to 120% of area median family income, only one unit was sold.
In order to open the property to additional buyers, Housing Works and KemperCo, together with the state of Oregon, lifted the affordability restrictions and opened the project to investors and rentals. Utilizing the MarketMaker to prequalify interested parties and generate interest, the developers are hoping to quickly sell the remaining units and pay off construction debt, which will be coming due in the near future.
About Housing Works
Housing Works is the leading owner and developer of workforce and affordable housing in the region. The local housing authority, it serves over 1,600 households throughout Deschutes, Jefferson and Crook counties. With a mission to ‘foster dignity through housing’, the organization addresses a continuum of the housing needs of lower income households and vulnerable citizens. Housing Works offers award-winning rental communities, special needs/supportive housing, homeownership opportunities, a family self-sufficiency program, savings programs, and a rental assistance program.
About KemperCo
Thomas J. Kemper, managing member of KemperCo, LLC, has twenty years of experience in real estate investment, finance and development, including thousands of apartment units and various commercial properties. He played a key role in the development of Center Commons, an award winning mixed use, transit oriented community of senior and family apartments with for sale townhomes along the MAX light rail corridor in Portland; Esther Short Commons, another award winning mixed use development in downtown Vancouver; the Hawthorne, a mixed use development at 34th and Hawthorne in Portland; North Main Village, a mixed use community in Milwaukie, and The Pointe at Bridgeport, a retail/office complex across from Bridgeport Village in Tualatin.
