Paramount Apartments

Albina Vision Trust purchased the Paramount Apartments in the summer of 2025 as part of an innovative acquisition strategy, preserving one of the last remaining affordable residential buildings in the neighborhood and maintaining the historic and cultural legacy of Portland’s Black community. Located in the Eliot neighborhood of Portland's Lower Albina district, the 66-unit, five-story building was built in 1923. 

The building is a mix of studios and one-bedroom units and is next door to Albina Vision Trust’s inaugural affordable housing development, Albina One. This proximity enables a unique opportunity to share the community room, courtyard and resident services with tenants at the Paramount. The property is centrally located near a variety of transit options, including the TriMet bus lines 4, 17, 35, 40, and 44, the A/B Portland Streetcar lines, and the MAX yellow, red, green and blue lines. 

All vacant units are leasing to new tenants making up to 50% or up to 60% AMI starting as of September 2025, and as units turn over, each new tenant will also need to qualify at these AMI levels. Albina Vision Trust is targeting lower rents in the units, ranging from 44% to 52% AMI, in order to make these units even more affordable for new tenants from the N/NE Preference Policy rental waitlist. Albina Vision Trust has partnered with the Portland Opportunities Industrialization Center + Rosemary Anderson High School (POIC + RAHS) to provide resident services at the Paramount, as well as at Albina One. 

The project was funded through a combination of Inclusionary Housing (IH) in-lieu fees, and Interstate Corridor Urban Renewal Area (ICURA) Tax Increment Financing funds provided by PHB; a permanent loan; and capital from Albina Vision Trust and the 1803 Fund.

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