Office suites converting to apartments in Forest Grove
Five new apartments are being added to a mixed-use development near Highway 8 in Forest Grove, according to the property manager.
A building that had been designated for office space at the Garden Court Plaza, located at 2747 20th Place, is being converted into housing, Regency Management Inc. announced. Four of the units will be loft-style apartments, with a fifth designed as a studio apartment.
"Market trends have led to diminishing demand for Class B professional suites and resulted in chronic vacancy loss for this building in its present form and usage," said Regency's project manager, Kirk Wear, in a statement. "With the incentive of substantially higher valuation and income if it was converted to a multi-family structure, the question of highest and best use was answered."
Monthly rent at the new apartments is tentatively expected to run in the range of $1,250 to $1,400. The units will vary in size from 489 square feet to 776 square feet, as indicated by floor plans released by Regency Management.
The conversion project is scheduled for completion sometime this summer. The apartment building will re-open as the Garden Court Lofts.
The redevelopment will add to Forest Grove's burgeoning rental market. The city saw three brand-new apartment complexes open last year alone, with the largest being the Forestplace Apartment Homes about half a mile to the east of the Garden Court Plaza.
Regency Management has managed the Garden Court Plaza since 2013.
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