JOLENE'S FIRST COUSIN | estimated completion 2020
SE GLADSTONE AND SE 28th PLACE
Homelessness is an endemic problem in Portland and the numbers are sobering. According to 2017’s Point In Time Count, there are as many as 4,177 people without permanent homes on any given night. Nearly 1,700 of those folks sleep on the street. While there are many contributing factors, skyrocketing residential rent looms large among them. In the last two years alone, rent in Portland has risen twenty times faster than the median income.
We owe it to our City and to our citizens to find solutions. Enter Jolene’s First Cousin. It’s Guerrilla Development’s way of using our tool kit (real estate, finance, and design) to put a dent in Portland’s homelessness problem.
Jolene’s First Cousin is two two-story buildings on a single lot in the heart of the Creston-Kennilworth neighborhood. It will have a total of six units: three retail spaces, two market rate lofts and one containing 11 rooms in a single resident occupancy (SRO) arrangement. The 100-SF SRO rooms will share amenities: fully-outfitted kitchen, living and dining room, private landscaped courtyard, showers and toilets, and laundry facilities. Each room will have its own bed, closet, and sink. SRO renters will secure their spot in Jolene’s First Cousin for $425/mo. Half of the rooms will be put out to the general market on Craigslist. The other five will be filled with working houseless people in collaboration with our partner, JOIN. The SRO residents will self-govern, establishing ground rules and operational systems.
We’re giving Oregonians a chance to support our efforts and earn a return. We will be crowd-investing $300,000 of equity in Jolene’s First Cousin. This equity is offered through the sale of securities thanks to a Rule 504 Exemption of Regulation D (qualified by the State of Oregon). Our offering aims to provide Permitted Oregon Purchasers and Accredited Investors an annual 5% preferred return and both the return of their principal and a percentage split of the proceeds of a refinancing event in Year 10. Our goal? To create an opportunity to participate in real estate investment with a tangible social impact.
Guerrilla won’t stop at Jolene’s First Cousin. There will be Jolene’s Second, and Third, and Fourth... We will nestle these projects into every major neighborhood in Portland. They will bring jobs, beautiful market rate rental apartments, and housing for our homeless population, a handful of rooms at a time.
5,000 SF site and 6,600 SF building
Mixed-use. 3 retail units, 2 1-bedroom rental apartments, 11-unit SRO with shared amenities.