The BIRE Team:
We find value in the under-valued.
We find value in the under-valued.
The principals of BIRE have more than 40 years of experience in multi-family investing in the Western United States. This extensive experience makes the firm uniquely qualified to:
Analyze and identify quality investments Negotiate favorable purchase terms and price Negotiate and oversee the hiring of 3rd party management companies Secure and assume financing Coordinate timely and efficient closings Establish operating budgets Achieve cost-effective project rehabilitation and construction
profiles
TERRY BEAN Terry Bean is the President and CEO of Bean Investment Real Estate and is the son of the firm’s founder, Ormond Bean, Jr. He has more than 40 years of experience in multi-family real estate investments and has distinguished the firm as a leader in the multi-family market. Terry’s guiding principle is to ensure that the interests of the firm are identical to those of his partners. As Terry is fond of saying, “We treat our partners’ money as our own because we are always investors too.” By adhering to this principle, the firm has succeeded in consistently maximizing internal rates of return for investors.
Under Terry’s leadership, Bean Investment Real Estate has purchased, owned and sold more than 50 institutional and non-institutional quality multi-family properties, totaling more than 20,000 units, with aggregate value in excess of $1 billion. The firm has also developed expertise in condominium conversions, and has converted apartment buildings with more than 1,500 units into condominiums since 2000.
In addition to maximizing returns, Terry’s has successfully focused BIRE on the delivery of both short-term cash flow and long-term wealth creation to clients. He has organized the firm’s investment groups so that clients enjoy the benefits of a 1031 tax-deferred exchange. And he knows how to bring deals to completion – the firm has a record of closing more than 95 percent of the transactions it puts under contract.
Terry believes in striving to provide expertise in a way that makes investing in real estate easy and comfortable. He has earned the trust of investors with his deep knowledge of the market, achieved by constantly studying absorption and construction rates, and trends in rental rates, job creation and job location to determine the best places for clients to invest.
Terry is a fifth generation Oregonian and has long been active in politics and philanthropy in Oregon and nationally. In 2008, Governor Ted Kulongoski declared August 23 to be “Terry Bean Equality Day” in recognition of his significant contributions to civil rights causes over the years. Terry earned his B.S. degree from the University of Oregon in 1970.
SCOTT STEHMAN Scott Stehman is a principal with Bean Investment Real Estate and has 27 years of experience in commercial and multi-family residential real estate. Prior to joining Bean Investment Real Estate, Scott was a principal with Reliance Development, which specialized in multi-family residential developments and condominium conversions. In 2006, Scott led the largest apartment acquisition and conversion project in Portland history, which transformed the former Portland Center apartments into the Harrison condominiums. Working with Terry Bean and Williams & Dame Development, Scott oversaw the successful three year project to remodel and market more than 300 new condominium homes in the downtown core.
Scott Stehman is a principal with Bean Investment Real Estate and has more than 25 years of experience in commercial and multi-family residential real estate. Prior to joining Bean Investment Real Estate, Scott was the founder and president of Reliance Development, which specialized in multi-family residential developments and condominium conversions.
Over his career, Scott has developed special expertise in apartment conversions. He has led projects converting more than 1,100 apartment units to condominiums with a total market value exceeding $300 million.
In 2006, Scott led the largest apartment acquisition and conversion project in Portland history, which transformed the former Portland Center apartments into the Harrison condominiums. Working with Terry Bean and Williams & Dame Development, Scott oversaw the successful three-year project to remodel and market more than 300 new condominium homes and apartment units in the downtown core, a project valued at more than $200 million.
He has also partnered with Terry Bean to convert 10 other apartment projects into condominiums. Many of these buildings were on the National Historic Register and therefore required special attention to community impact and local design review standards. One of the most notable of these projects was the Envoy, built into the hillside below Washington Park and above the Uptown Shopping Center at Burnside and Northwest 23rd Avenue. Other conversion projects led by Scott include the historic Roosevelt Hotel and Hamilton Arms buildings, as well as the Flanders Lofts.
In 2008, Scott led a partnership to develop the new 2121 Belmont Apartments, a $50 million mid-rise mixed-use project in Southeast Portland.
Scott was born in Edinburgh, Scotland and earned his Bachelor of Science degree from Willamette University in 1986.
Analyze and identify quality investments Negotiate favorable purchase terms and price Negotiate and oversee the hiring of 3rd party management companies Secure and assume financing Coordinate timely and efficient closings Establish operating budgets Achieve cost-effective project rehabilitation and construction
profiles
TERRY BEAN Terry Bean is the President and CEO of Bean Investment Real Estate and is the son of the firm’s founder, Ormond Bean, Jr. He has more than 40 years of experience in multi-family real estate investments and has distinguished the firm as a leader in the multi-family market. Terry’s guiding principle is to ensure that the interests of the firm are identical to those of his partners. As Terry is fond of saying, “We treat our partners’ money as our own because we are always investors too.” By adhering to this principle, the firm has succeeded in consistently maximizing internal rates of return for investors.
Under Terry’s leadership, Bean Investment Real Estate has purchased, owned and sold more than 50 institutional and non-institutional quality multi-family properties, totaling more than 20,000 units, with aggregate value in excess of $1 billion. The firm has also developed expertise in condominium conversions, and has converted apartment buildings with more than 1,500 units into condominiums since 2000.
In addition to maximizing returns, Terry’s has successfully focused BIRE on the delivery of both short-term cash flow and long-term wealth creation to clients. He has organized the firm’s investment groups so that clients enjoy the benefits of a 1031 tax-deferred exchange. And he knows how to bring deals to completion – the firm has a record of closing more than 95 percent of the transactions it puts under contract.
Terry believes in striving to provide expertise in a way that makes investing in real estate easy and comfortable. He has earned the trust of investors with his deep knowledge of the market, achieved by constantly studying absorption and construction rates, and trends in rental rates, job creation and job location to determine the best places for clients to invest.
Terry is a fifth generation Oregonian and has long been active in politics and philanthropy in Oregon and nationally. In 2008, Governor Ted Kulongoski declared August 23 to be “Terry Bean Equality Day” in recognition of his significant contributions to civil rights causes over the years. Terry earned his B.S. degree from the University of Oregon in 1970.
SCOTT STEHMAN Scott Stehman is a principal with Bean Investment Real Estate and has 27 years of experience in commercial and multi-family residential real estate. Prior to joining Bean Investment Real Estate, Scott was a principal with Reliance Development, which specialized in multi-family residential developments and condominium conversions. In 2006, Scott led the largest apartment acquisition and conversion project in Portland history, which transformed the former Portland Center apartments into the Harrison condominiums. Working with Terry Bean and Williams & Dame Development, Scott oversaw the successful three year project to remodel and market more than 300 new condominium homes in the downtown core.
Scott Stehman is a principal with Bean Investment Real Estate and has more than 25 years of experience in commercial and multi-family residential real estate. Prior to joining Bean Investment Real Estate, Scott was the founder and president of Reliance Development, which specialized in multi-family residential developments and condominium conversions.
Over his career, Scott has developed special expertise in apartment conversions. He has led projects converting more than 1,100 apartment units to condominiums with a total market value exceeding $300 million.
In 2006, Scott led the largest apartment acquisition and conversion project in Portland history, which transformed the former Portland Center apartments into the Harrison condominiums. Working with Terry Bean and Williams & Dame Development, Scott oversaw the successful three-year project to remodel and market more than 300 new condominium homes and apartment units in the downtown core, a project valued at more than $200 million.
He has also partnered with Terry Bean to convert 10 other apartment projects into condominiums. Many of these buildings were on the National Historic Register and therefore required special attention to community impact and local design review standards. One of the most notable of these projects was the Envoy, built into the hillside below Washington Park and above the Uptown Shopping Center at Burnside and Northwest 23rd Avenue. Other conversion projects led by Scott include the historic Roosevelt Hotel and Hamilton Arms buildings, as well as the Flanders Lofts.
In 2008, Scott led a partnership to develop the new 2121 Belmont Apartments, a $50 million mid-rise mixed-use project in Southeast Portland.
Scott was born in Edinburgh, Scotland and earned his Bachelor of Science degree from Willamette University in 1986.