The CF Rose City Fund
Condo.Fund developed the blueprint that solves the Housing Affordability Crisis and the Downpayment Dilemma, on a National Scale.
Executive Summary
Market Need
Portland faces a growing housing affordability crisis — with the median home prices above $560,000, tight supply, & high homeownership demand. Nearly half the population rents. (52.8% Owners, 47.2% Renters) (Average Rent = $1,747) (Average Sqft = 744) (Occupancy Rate = 95.24%)
The Rose City Fund will convert a portfolio of 45 individual assets into affordable, first-time, owner-occupied homes. (45 buildings = 81 individual dwelling units)
Opening doors for moderate-income households, and first-generation home buyers.
Asset Disposition
45 properties (81 units) in Southeast Portland: Tightly grouped in the Buckman Neighborhood
Five Strategic Partners:
A National-Local Powerhouse
A National-Local Powerhouse
Housing Partnership Network (HPN)
Co-General Partner (Oversees / Coordinates $170B in AUM)
National scale & influence:
A network of 113 affordable housing nonprofits managing over $170B in mission assets. An A+ Fitch-rated national CDFI that has raised over $1 billion to support innovative solutions to our nation’s affordable housing crisis. As a CDFI (HPF) it has deployed over $400 million across the county in support of affordable rental and homeownership housing solutions. In addition, it has managed over $500 million for affordable homeownership across programs such as the Housing Partnership Equity Trust, New Market Tax Credits for Homeownership, and the Community Aggregators Group.
Institutional capacity:
Offers peer-to-peer learning opportunities, innovative financing vehicles and proven policy advocacy—bringing sophistication to fund structuring, risk mitigation, and capital deployment. Housing Partnership Network has established a sustainable ecosystem of affordable housing developers nationwide.
** A $4M Lender Guarantee
** An 75% LTV non-recourse, interest-only, fixed rate loan at 7%
Role in the Rose City Fund:
As Co‑GP, HPN provides oversight on underwriting, financial compliance, and consolidation of best practices from across the country, boosting investor capacity and lowering execution risk. Their involvement ensures robust risk mitigation and stringent financial oversight. In essence, HPN facilitates the integration of national best practices.
REACH CDC
Portland-Based Developer & Seller ($467M in AUM)
Expert local partner:
Serving over 3,500 individuals with 2,700+ homes in Oregon and SW Washington, REACH has five decades of experience building inclusive, community-rooted housing solutions. Their unwavering commitment to resident well-being and sustainable community development makes them a trusted and impactful investment partner. This is our 2nd transaction with them.
Role in Rose City Fund:
REACH brings deep neighborhood knowledge, local relationships, and operational capacity, ensuring the portfolio's rehab and disposition goals align with Portland's unique cultural and affordability dynamics. Because these properties are current Reach CDC assets, managing all aspects of this transaction is made 10x easier than traditional multifamily purchases.
REACH CDC's Contribution:
In-kind property contribution: Contributing 45 SE Portland homes as a 30% equity stake Investor into the Rose City Fund, effectively acting as a Member, Seller, and Community Anchor in this transaction.
Their established leadership within the Affordable Housing community is instrumental in helping to transition these current renters into future homeowners.
Their established leadership within the Affordable Housing community is instrumental in helping to transition these current renters into future homeowners.
Condo.Fund
Construction Manager & Equity Partner (13M in AUM)
Mission-aligned developer:
Developed the blueprint that solves the Housing Affordability Crisis, and the Downpayment Dilemma on a national scale. Condo.Fund turns small-plex multifamily rentals into affordable condos. In the Rose City Fund, we will be crediting up to $12,000 in Downpayment Assistance.
Investor-benefit model:
Targets 12, 18, and 24-month capital cycles with a balance of financial return. The Rose City Fund is expected to be a 24 months transaction at a 1.32 - 1.42 Equity Multiple, with lasting community benefit. They refer to this as "Compassionate Capitalism."
Role in Rose City Fund:
As construction manager and 49% equity owner, Condo.Fund runs the condo-conversion process—minimizing cost, improving accessibility, and enabling new pathways to homeownership.
Condo.Fund is currently selling units at $483 per square foot in their Campus Condos building.
The Rose City Fund is benchmarking the average unit sale price to be $400 per square foot, but we anticipate the sales price to average closer to our selling current comps.
Condo.Fund is currently selling units at $483 per square foot in their Campus Condos building.
The Rose City Fund is benchmarking the average unit sale price to be $400 per square foot, but we anticipate the sales price to average closer to our selling current comps.
Portland Housing Center
Down Payment Assistance Partner
(10,000 First-Time Homeowners)
(10,000 First-Time Homeowners)
Empowering first-time buyers:
For over 30 years, Portland Housing Center (PHC) has helped tens of thousands of local Portlanders become successful homeowners through education, counseling, and financial assistance.
Their programs have helped more than 10,000 renters transition into first-time homeowners, with a strong focus on BIPOC families and first-generation buyers.
Their programs have helped more than 10,000 renters transition into first-time homeowners, with a strong focus on BIPOC families and first-generation buyers.
Impact synergy:
PHC's inclusion into this consortium ensures that the affordability created through acquisition and renovation is actually accessible to Low to Moderate Income households—closing the loop between housing supply and buyer readiness. Their counseling services also help reduce foreclosure risk and support long-term housing stability in our community.
Role in Rose City Fund:
PHC will provide targeted down payment assistance and homebuyer readiness services to eligible residents purchasing units from the fund's converted portfolio. This financial bridge is critical to making ownership attainable for renters transitioning into homeownership, especially in high-cost markets like Portland.
Renovation Approach
Approximately $75,000 renovation per unit
1
2
3
1
Core improvements
Roof, HVAC, plumbing/electrical, structural first.
Just necessities—No fluff
Just necessities—No fluff
2
Energy upgrades
Heat pumps, insulation, LED, electrical panel upgrades.
Washers and Dryers in every unit
3
Phased rehabs
Start with vacant or ready sites to speed returns and limit disruption.
(Sell Vacant units first to reduce overhead)
(Sell Vacant units first to reduce overhead)
Sales Strategy
1
Right of first refusal to current residents,
first-time buyers, nonprofits, and Community Land Trusts.
first-time buyers, nonprofits, and Community Land Trusts.
No Investors Buyers
2
Condo.Fund handles legal condo conversion.
Owner Occupied
3
Staggered disposition strategy to manage resale risk and ensure impact.
Happy Homeowners
Diversity, Equity & Inclusion Goals
Tenant Purchase Priority
Current tenants will have the first opportunity to purchase their homes, creating a pathway to homeownership for those already living in the community.
Nonprofits & CLT's
Working with Community Land Trusts and other nonprofit housing organizations to ensure long-term affordability and community ownership of properties is our second highest priority.
Affordable Condo Stock
Creating "Starter Home" affordable condominium options in gentrifying areas enables more families to build equity and remain in their historically served neighborhoods.
What Makes This Project Special
But what makes this project special isn't just numbers—it's the intention behind them.
The Rose City Fund was founded on the idea of democratizing access to homeownership.
Our model intentionally breaks down the barriers that keep working families locked in cycles of generational poverty — Perpetually renting, generation after generation.
The Rose City Fund was founded on the idea of democratizing access to homeownership.
Our model intentionally breaks down the barriers that keep working families locked in cycles of generational poverty — Perpetually renting, generation after generation.
This fund goes further:
- REACH CDC contributed 45 properties as in-kind equity
- An $875,000 Tenant Stabilization Fund ensures current renters are supported, not displaced (Approx. $12,000 in Downpayment Asst.)
- First Right of Purchase goes to current tenants, nonprofits, and CLTs
- Condo.Fund's streamlined condo conversion process creates long-term, fee-simple ownership in neighborhoods at risk of further gentrification
For more than a century, many people of color were targeted by predatory lenders, or denied loans as a result of redlining.
Now BIPOC home buyers are eligible for up to $150,000 in down payment assistance. (Depending on available funding sources)
Now BIPOC home buyers are eligible for up to $150,000 in down payment assistance. (Depending on available funding sources)
This is a proof-of-concept for how capital can serve—not just extract from—communities. Investors aren't just earning returns, they're preserving neighborhoods, expanding ownership, and disrupting cycles of generational disenfranchisement.
If you believe that affordable homeownership should be a bridge to stability, not a barrier—this is your invitation to invest.