Off market acquisition of a 67-unit apartment community consisting of 15 single-story structures located around a secluded cul-de-sac filled with luscious grass areas, creating a unique and desirable charm. The property had been well maintained by the seller, with over $800,000 already spent in capital improvements on replacing roofs, windows, and siding. The property was acquired at a favorable 6.04% cap rate, providing excellent immediate cash flow with significant proven rental upside on most recent leases and renewals. The property is located in the Beaverton submarket with close proximity to Nike and Intel and other major employers creating excellent fundamentals and making Beaverton one of the strongest performing markets in the Portland MSA.
- No. of Units:: 67
- Acquisition Price:: $9,185,000
- Renovation Costs:: $1,370,000