Initial Focus on Portland’s Inner Neighborhoods
A recent article in Bloomberg Businessweek (For ‘Eco Flippers,’ There’s Green in Foreclosed Homes) highlighted a part of our business model: taking distressed properties, and performing what we call a ‘Green Rehab’ on them. The scope of work includes not just bringing the fit and finish of the house up to modern standards, but also doing work to make the house more energy- and water-efficient, before making it available on the market for the next generation of residents. The benefits for future residents include lower energy and water bills, and the ability to live in a house that has all the amenities of new construction, but with the character that comes with an older structure.
Indeed, operating as we do in the heart of Portland, Oregon, we tend to focus on properties that are between 70 and 140 years old. Most of Portland’s central city was built during the streetcar era (1890s to the 1940s), during which time the City already had 300,000 people. That represents a lot of now-historic properties, most of which are still around, but many of which may be in need of updates to bring them up to 21st-century standards, especially with regards to energy and water efficiency. We see this as a good business opportunity.