Portland, Oregon, Social Services Nonprofit Organization Purchases Hostel

Central City Concern, a social services nonprofit organization working in Portland, Oregon, purchased an 87-room hostel in the city for $15.5 million, or about $178,160 per room, from the local real estate company PDX Property Group. According to sources familiar with the transaction, CCC's offer included $6 million from the Oregon Health Authority, $6.25 million from Multnomah County, $2 million from the city of Portland and $3 million from CCC's own coffers.