Unico looks to Portland, Seattle markets for prefab roll-out

Jonas Sylvester believes there is a potentially strong market for sustainably built, prefabricated housing in Portland. It's all a matter of timing.

"We see Portland as a fantastic market," said Sylvester, vice president of investments for Unico Properties. "But the Portland market has a little more (apartment) vacancy and excess supply to work through."

The excess supply, caused by the economic slowdown, the housing collapse and the emergence of condo conversions to the market, means that Unico will take a wait-and-see approach to rolling out its first multifamily, modular housing developments in Portland.

But Unico will begin construction on a prefab housing development next month in Seattle. The 66-unit development will be near Lake Union, Sylvester said. The Seattle-based company has two other Seattle sites planned for additional prefab housing.

Unico owns and manages commercial properties in Portland and Seattle, including Portland's new Lovejoy in the Pearl District and partial ownership of U.S. Bancorp Tower.