It seems that 2121 Belmont--for some reason a project that I've been picking on (fairly?) since they broke ground--may be foreclosing soon. Despite being 94% occupied and getting at least $1.80/mo per square foot, that's apparently not even close to enough money to break even. For some context on $ per square foot, I have 2-bedrooms on 40th and Francis that fetch just over $1 per square foot (and that building makes pretty good money overall), and 1-bedrooms at the Queen Marie that get about $1.50 per square foot (and again, that building makes a pretty good profit). The article linked above is best summed up by this quote from Gary Winkler, portland real estate expert:
"But renters want to pay the same price, regardless of whether a unit has granite countertops or whatever."
My guess is that 2121 Belmont broke their budget with all those balloons they put out each morning. That can't be cheap.
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