HFO Multifamily Marketwatch for Oregon and SW Washington

Isaac Jones, CPA with Perkins & Co., discusses the evolution and benefits of Opportunity Zones, highlighting the initial confusion caused by the 2017 Tax Cuts and Jobs Act and the subsequent impact of the pandemic. The new Opportunity Zone Act 3 (OZ 3) makes the program permanent, providing more clarity and certainty. Investors must recognize a capital gain within 180 days and invest in a Qualified Opportunity Fund. Key benefits include deferred tax on capital gains, potential reduction of gains recognized, and tax-free appreciation if held for over 10 years. The program incentivizes investment in low-income communities, with ground-up development or substantial rehabs being ideal projects.

In this episode, HFO Partner Greg Frick interviews Tom Rinehart, executive director of Oregon Smart growth. Oregon Smart Growth focuses on ways to help solve the state's housing supply crisis. The organization promotes solutions elected leaders, including Portland's mayor and the City Council.

In this episode, HFO Partner Greg Frick interviews Andrea Bell, the director of Oregon Housing and Community Services, who provides the latest update on what is happening at the agency charged with measuring accountability and statewide progress on Oregon's goal of building 36,000 housing units per year.

Our focus this week will be on the highlights, including vacancy and rent trends, new construction activity, and investor insights across the Portland metro, Willamette Valley , and Southwest Washington markets.

In today's episode we're diving into the Q3 2025 update for Washington's multifamily market by submarket. Whether you own a handful of units or manage thousands across the state, this episode is for you.

With office vacancies soaring, the idea of converting commercial buildings into housing sounds like a win-win—but is it feasible? In this video, Ezra Hammer unpacks the legal and logistical hurdles of office-to-residential conversions, from zoning and building code constraints to floorplate challenges and financing gaps. While popular in theory, conversions often face major headwinds—especially in cities like Portland where planning code changes lag market needs. Developers exploring adaptive reuse or value-add multifamily opportunities will find this discussion a must-watch primer on turning empty square footage into livable density.

Monique Claiborne, CEO of Greater Portland Inc., offers a compelling economic case for investing in the Portland metro area. From robust job creation in tech and advanced manufacturing to a favorable talent pipeline fueled by remote work trends, Claiborne highlights why Greater Portland remains a magnet for employers and investors. This video is a must-watch for multifamily owners evaluating long-term growth prospects tied to Intel's fab expansion, clean tech investment, and the region's world-class livability advantages.

In this insightful interview, land use attorney Ezra Hammer breaks down California's use of the "Builders' Remedy" law and its potential application in Oregon. He explains how the legal framework bypasses local zoning when jurisdictions fail to meet state-mandated housing goals—enabling developers to push through multifamily projects without traditional entitlements. Hammer explores the risks, court cases, and political appetite for such a remedy in Oregon, and offers actionable guidance for developers eager to pursue housing in restrictive jurisdictions. If you're navigating stalled approvals or NIMBY pushback, this video is your legal roadmap.

In this episode of Multifamily Marketwatch, HFO's Senior Data Analyst Michael Pierce breaks down three major regulatory changes reshaping the apartment investment landscape in Washington State. Tune in to learn what multifamily property owners must do to comply with the new Clean Buildings Tier 2 law, how Senate Bill 5184 is eliminating costly parking mandates, and why Washington's Transit-Oriented Development Law (HB 1491) is one of the most aggressive pro-density policies in the nation. This timely briefing is essential for multifamily investors, developers, and asset managers looking to reduce costs, unlock tax incentives, and stay ahead of compliance deadlines.

In this episode of Multifamily Marketwatch, Michael Pierce explores Oregon's latest push to ramp up housing construction and investment. With five new laws signed by Governor Tina Kotek—including fast-tracked permitting, infrastructure funding, and support for modular and mixed-income housing—developers are finding new opportunities across the state. Plus, hear about Eugene's plan for 520 units of student housing, Happy Valley's new mandatory $130 parking charge, and why Portland is quietly becoming one of the best multifamily investment plays on the West Coast. This is must-know intel for multifamily owners and developers navigating Oregon's next housing wave.