Urban Development Partners
From Portland Afoot
Urban Development Partners is a small development company based, as of 2012, in Northeast Portland. As described in The Rent Issue, it was the first company in decades to successfully find financing for a no-parking apartment building outside the central city.
The company is "essentially a private equity firm," co-owner Eric Cress said in a September 2012 interview, that pools individual investors' cash and puts it into long-term real estate investments, which are typically rental properties in walkable, bikeable neighborhoods outside the urban core. Unlike most development companies, UDP retains ownership of the property after it is rented out and employs its own site managers to oversee its buildings.
Almost all the company's investors are believers in such development, Cress said.
UDP shouldn't be confused with Urban Development Group, another company that pursues no-parking apartments. UDG is a side business for suburban tract developer Dennis Sackhoff of Arbor Custom Homes.
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