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Asa Flats+Lofts
Developing environments where people want to be. Asa Flats + Lofts in Portland’s Pearl
District is just where people want to be. Hugely successful in leasing since the apartment
residence opened for pre-leasing in the summer of 2008, Asa began construction as a
two-block development project in 2007. Asa, the residential portion of the project
with 231 apartments and lofts and 20,000 square feet of retail space, is located between
NW 12th and 13th on NW Lovejoy Street. The Lovejoy, a Class-A office property with a
street level Safeway, was developed simultaneously on the western block between 13th and
14th on NW Lovejoy.
Asa opened its doors for pre-leasing in August 2008 at a time when the residential real
estate climate was quickly declining. The condo market, which had been in high demand
just months earlier, was now quickly flooded with too many units and not enough buyers.
Projects designed as condos quickly converted to apartments, adding even more units for
lease in the market. Because Asa Flats + Lofts was originally designed to be an apartment
residence, it was able to lead the market with a top-tier product and brand, despite the
flooded market conditions. Within one year, Asa was fully leased, and has consistently
remained 95 to 100 percent leased since 2009, significantly higher than the competitive
properties.
Creating a unique brand, championed by a stellar leasing team, is a key component of
Asa’s leasing success during this trying economic climate and a significant reason
why it maintains such high occupancy. Asa’s “Bringing Portland Back to the Pearl”
concept resonates with Asa residents.
“It’s an honest vibe. Many Portlanders pride themselves on being irreverent to the status
quo and supporting a casual, creative, high-quality lifestyle, which is exactly what Asa
offers,” said Heather Ostergard, Asa’s property and leasing manager. “People at Asa
appreciate the difference between saying ‘Hey!’ instead of ‘Hello’.”
With this in mind, the Asa brand is defined by a lack of pretentiousness and offers a “tell
it like it is” approach. Real Portland is aptly defined at Asa – both in its brand and its
staff - with an accepting, easy, creative way of life in a welcoming, urban setting.
The Asa team knows residents (and their dogs) by name and offers weekly local microbrews
and wine tastings at the lobby’s leasing bar – meshing the best of Portland’s culture and
the Asa community lifestyle.
The quality of Asa, its location, and green features also make it a sought-after residence.
Awarded LEED-Gold status, Asa features operable windows for fresh air and natural light,
maximized daylight from floor-to-ceiling windows, ENERGY STAR® appliances, low VOC paints,
and bicycle parking. Asa offers spectacular and unobstructed views, efficient floor plans,
up to 15 foot ceilings and a high “walkability” factor to the Portland streetcar, Safeway,
bank, work, arts, culture, restaurants, boutiques, and parks. A penthouse-level Sky Lounge
and Terrace is open to all residents, along with a landscaped pet area termed “Fido’s Field”
on the building’s fourth floor outdoor terrace.
The leasing success also extends to Asa’s street level retail spaces. Chipotle, notably a
participant in the U.S. Green Building Council’s Leadership in Energy and Environmental Design
(LEED) for Retail pilot program, opened in 2010 to serve residents and business people in the
neighborhood. Other retail tenants at Asa include Bank of America, State Farm Insurance, and
Clear, providing needed services.
“Given the economic climate in the past few years, we couldn’t be happier about the leasing
success we’ve seen at Asa, both on the residential and retail fronts. Attracting a well-known
retail brand like Chipotle to the highly-trafficked 12th and NW Lovejoy corner anchors this
project,” said Brian Pearce, Unico’s general manager of its Portland portfolio. “The market
has proven to us that we hit this one right on target.”
For more information, please visit www.liveatasa.com or join Asa on Facebook. 
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