Off-market opportunity to acquire a distressed 36-unit garden style asset located in the gentrifying area of Tigard, OR. The seller has owned the property for approximately 20 years, mismanaging the property and keeping rents significantly below market. Located just outside the city of Portland, one of the fastest rent growth regions in the USA, this situation presented a lucrative opportunity to perform extensive rehabs and cosmetic improvements, in order to push rents up to market and earn significant returns at a year-3 disposition.
- No. of Units: 36
- Acquisition Date: July 2016
- Acquisition Price: $3,800,000
- Renovation Costs: $1,232,000
- Projected Project Level IRR: 32.95%