Opportunity to add value to a well-positioned asset in the gentrifying Gateway submarket of Portland, OR. With the area’s strong job growth and the property’s below market rents, the Seller had not capitalized on East Portland’s growing rents or kept up with the demand of a higher quality product in the neighborhood. The Company plans to implement an extensive rebranding effort, enhancing the property’s curb appeal and installing high end interior renovations to cater to the growing demand for premium communities in the submarket.
- No. of Units: 74
- Acquisition Date: May 2015
- Acquisition Price: $6,650,000
- Renovation Costs: $1,170,000
- Projected Project Level IRR: 24%