Seeking Advice on this Portland, OR. Multi-Family Property.

[David S.]

I have been presented with an opportunity to invest in a syndication that is buying a 198 unit apartment property located at 18301 NW Chemeketa Ln, Portland, OR 97229, known as Westview Heights. 

I am doing my own due diligence but would also like feedback from others in the local area as to what they think of the location, the property and prospects for continued growth in the area and for increasing rents.

Specifically, I would appreciate your views on:

How much demand there is in this neighborhood for class A type units.

How much new construction is planned for the area over the next few years,

Potential for continued annual rent growth of 4% to 3% over the med to long term current local market conditions and prospects,

Condo conversion potential given this property consists of only 2 and 3 bedroom units, ranging from 900SF to 1600SF.

How much substitution threat there is (would potential renters rather buy a condo/townhouse) given rents range from $1,400/mth to $1,900/month plus RUBS and other extras?

Thanks in advance for your input