Value Add Apartment - Portland OR

[Brian Claar]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Beaverton.

Purchase price: $2,065,000
Cash invested: $500,000

INVESTMENT HIGHLIGHTS
Fifteen Spacious Two-Bedroom Units
High-Demand Beaverton Submarket –Suburb to Portland, OR
Select Units with Washer/Dryer Hookups, Garages
Heavy Lifting Complete –Upside Through Cosmetic Interior Upgrades
Diverse Employment Drivers Include Intel, Nike, Tektronix, Columbia Sportswear

Built in 1980, the Oak Villa Apartments is an apartment community located in Beaverton, OR. This 15-unit complex is situated on a single parcel totaling 0.42 acres and features all two-bedroom units averaging approximately 775 square feet. The property offers tenants either washer/dryer hookups or onsite laundry facilities, private balcony or patio space, and garage/storage space. Each unit is separately metered for electricity, and there is currently a reimbursement system, or RUBs, in place for additional utilities.

Oak Villa Apartments represented an excellent value-add opportunity and benefited from continued interior upgrades that were completed after purchasing. After surveying the competitive set as well as recent demand at the subject property, the post-renovation rents for units at Oak Villa Apartments yielded monthly premiums between $100 -$240 above current average rents. Furthermore, amplifying the value-add program and bringing the interior finishes to a higher standard resulted in an additional premium above the current renovated market rate.