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OFFERING MEMORANDUM

A 68-Unit Apartment Community

Portland , OR

TABLE OF CONTENTS

Executive Summary

Section 1

Property Description

Section 2

Market Overview

Section 3

Property Economics

Section 4

Jordan A. CarterExecutive Vice President [email protected]

EXCLUSIVELY REPRESENTED BY

Clay NewtonExecutive Vice President [email protected]

Tyler LinnVice [email protected]

The information contained herein is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews.

This information has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.

kiddermathews.com

THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 5KIDDER MATHEWS | OFFERING MEMORANDUM | THE ASTORIA4

EXECUTIVE SUMMARY

Section 1

The Offering

Investment Highlights

Market Overview



EXECUTIVE SUMMARY

Built in 1950 and recently renovated in 2014, The Astoria consists of 68 units with modern amenities and mid-century charm. Close to transit and shopping, The Astoria combines quiet residential living, within close proximity to all the excitement that Portland’s eastside has to offer. Situated on a private cul-de-sac, The Astoria has three separate parking lots and over 60 parking spaces. The central courtyard features a seasonal pool, fitness center, bike storage, laundry facilities and storage cabinets, as well as plenty of greenspace for outdoor activities.

The Astoria features over $1.1 million in recent renovations to the interior and exterior. Exterior renovations include newer roofs, paint, and energy efficient vinyl windows. The interiors have been extensively renovated in 65 of the 68 units with new kitchens featuring modern cabinets and hard surface counters, new fixtures, and refinished hardwood floors (lower level) or carpet and vinyl (second level). Average rents are presently 5% below market, providing upside through lease renewals and unit turns.

Located in the Rose City Park neighborhood, The Astoria is situated near the Historic Hollywood Shopping District and the Jade International District, and Alameda/Beaumont neighborhoods. The property is located directly across from the Rose City Public Golf Course, the second oldest golf course in Oregon. At the west end of the golf course is Rose City Park, which features sports fields, play structures, a picnic area, and walking paths. The Astoria is also close to the I-84 and I-205 freeways, TriMet 77 Bus Line, and the NE 82nd Avenue Max Light Rail station. Downtown Portland is just a 10-minute drive west, the Portland International Airport is 10-minutes to the north, and Gresham is

20-minutes east.

The Offering ADDRESS1913 NE 73rd Avenue Portland, OR 97213

YEAR BUILT / RENOVATED 1950/2014

NO. OF UNITS 68

TAX PARCELS R194040, R194041

LAND AREA 2.67 Acres

NRSF 40,724

GBA 57,432

AVERAGE UNIT SIZE 599 SF

BUILDINGS 5

PARKING ±60 surface off-street spaces

SIDING Brick/stucco

HEAT Gas (Individually metered)

AVERAGE MONTHLY RENT $1,249

NEW PRICE $13,000,000 $12,500,000

CAP RATE 5.51%

GRM 12.00


INVESTMENT HIGHLIGHTS

Located only minutes from downtown Portland, The Rose City Park neighborhood combines the

comfort of the suburbs with the convenience and entertainment of city life. Located just blocks

from I-84, one mile from the I-205, and minutes from numerous bus stops and the nearby NE

82nd Avenue MAX Station, tenants have an abundance of public transportation options. The

neighborhood has ready access to some of Portland’s largest employers and business districts,

while still being in close proximity to numerous parks and natural areas.

ROCKY BUTTE PARK

GRANT PARK

GLENHAVEN PARK

COLUMBIA CHRISTIAN SCHOOL

NORMANDALE PARK

ROSEMOUNT BLUFF NATIONAL AREA

LAURELHURST PARK

MULTNOMAH UNIVERSITY

PRESIDENT JAMES MADISON HIGH SCHOOL

ROSEWAY HEIGHTS MIDDLE SCHOOL

HOLLYWOOD

LAURELHURST

IRVINGTON

ALAMEDA

MONTAVILLA

ROSE CITY PARK ELEMENTARY SCHOOL

THE PORTLAND MONTESSORI SCHOOL

Highlights

$1.1 million in recent interior and exterior improvements

Pride of ownership opportunity

Rental upside through raising rents to market

Vintage charm with period amenities

Manicured courtyard setting

Conveniently located near the Hollywood shopping district and directly across

from the Rose City Golf Course

Close to Trimet 77 bus line, MAX Light Rail station, and freeways

Seller to reduce the purchase price by $150,000 if a buyer secures new financing through

Chase or assumes the existing Chase loan.

JASON LEE ELEMENTARY SCHOOL

MT TABOR

ROSE CITY GOLF COURSE

Sandy Blvd

NE Glisan St

NE Halsey St

NE

82n

d A

ve

ROSE CITY GRILL

PORTLAND VALUE INN

MONTAVILLA PARK

MAX LINE

MA

X L

INE

MAX LINE


LOCAL HIGHLIGHTS

Providence Portland Medical Center

Located just nine minutes from The Astoria, Providence Portland Medical Center is in the Laurelhurst neighborhood of Portland and is a full-service medical center specializing in cardiac care and cancer treatment. Opened in 1941, the hospital has 483 beds, and employs more than 3,400 people. With over 1,200 physicians on staff, the campus is also home to Providence Child Center, a 58-bed facility dedicated exclusively to the care medically fragile children.

Providence Medical Center Facts:

Opened in September 1941 by the Catholic Sisters of Providence

Employs 1,561 medical staff members

Received $33,725,159 in donations in 2017

$162,545,032 in charity and unpaid community benefit costs

Area: 17.3 acres

High Point: 612 feet

Elevation Gain: 480 feet

Rose City Golf Course

Located directly across the street from The Astoria, the 18-hole, tree-lined Rose City Golf Course is the second oldest municipal golf course in Oregon and serves as a major draw for local golf enthusiasts. Rose City Park, which features play structures, sports fields, walking paths, and a picnic area is located at the west end of the golf course.

The clubhouse, built in 1932, was recently listed on the National Register of historic places and is home to a pro-shop and the Rose City Grill.

Rocky Butte Park

Rocky Butte is located 8 minutes from The Astoria. This extinct cinder cone butte is part of the Boring Lava Field, a group of volcanic vents and lava flows located throughout Oregon and Washington state. The volcano erupted between 285,000 and 500,000 years ago, and is now the site of Joseph Hill Wood Park and the Rocky Butte Natural Area.

Rocky Butte offers stunning 360° views of Portland, Mt. Hood, and Mt. St. Helens, from the top, where 2.38 acres of flat park are located. In addition to its unbeatable views, Joseph Wood Park is also home to two rock walls, where climbers are regularly spotted.


PROPERTY DESCRIPTION

Unit Mix Summary

UNIT TYPE # OF UNITS

AVERAGE SF

AVERAGE RENT RENT/SF HIGH

RENTHIGH

RENT/SFPRO FORMA

RENT / SF PF RENT/SF

1 Bedroom / 1 Bathroom 1 536 $1,075 $2.01 $1,075 $2.01 $1,100 $2.05

2 Bedrooms / 1 Bathroom 23 592 $1,283 $2.17 $1,355 $2.29 $1,350 $2.28



TOTALS / AVERAGE 68 599 $1,277 $2.13 $1,306 $2.23 $1,346 $2.25


Exterior Highlights

Newer roofs

Newer exterior paint

Newer vinyl windows

Seasonal pool

Courtyard setting with

manicured grounds

Multiple parking lots

Property Highlights

Complete exterior upgrades

Complementary parking

Barbeque area

Fitness center

Pet friendly

Pet stations

Pool (seasonal) with sun deck

Secured access buildings

Enhanced lighting and video security

Management office

Bike storage

Beautifully landscaped grounds

Walking paths

Multiple laundry centers

WiFi

Apartments adjacent to Rose City Golf Course (Public)

Close to Trimet 77 Bus Line, Max Light Rail Station, and freeways


Interior Highlights

65 of 68 units fully renovated

Abundant natural light

Hardwood floors on lower units

Open layouts

Newer kitchen appliances

Newer fixtures

Newer flooring

Gas heating

THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 21KIDDER MATHEWS | OFFERING MEMORANDUM | THE ASTORIA20Milwaukie

Multnomah

Dunthorpe

Woodstock

Richmond

Mt. Tabor

Montavilla

Gateway

Roseway

Rose City Park

Alameda

Alberta

Northwest

Southwest Hills

South Waterfront

Hollywood

Parkrose

Buckman

Laurelhurst

Lents

Happy Valley

DOWNTOWN PORTLAND

26

PORTLAND INTERNATIONAL AIRPORT

Gresham

Beaverton

Overlook

Sellwood-Moreland

Floor Plan Descriptions

UNIT TYPENO. OF UNITS

SIZE (SF)

CURRENT AVG RENT

HIGHEST ACHIEVED RENT

2 Bed / 1 Bath 39 603 $1,287 $1,463

TOTAL 39 23,517 $50,193 $57,057

Average Rent / SF $2.13 $2.43

TWO BEDROOM / 1 BATHROOMSAMPLE FLOOR PLAN


SIZE (SF)

CURRENT AVG RENT


1 Bed / 1 Bath* 1 536 $1,075 $1,075

TOTAL 1 536 $1,075 $1,075


ONE BEDROOM / 1 BATHROOM


SIZE (SF)

CURRENT AVG RENT


2 Bed / 1 Bath 23 592 $1,283 $1,355

TOTAL 23 13,616 $29,509 $31,165


TWO BEDROOM / 1 BATHROOM


SIZE (SF)

CURRENT AVG RENT


2 Bed / 1 Bath 5 611 $1,206 $1,330

TOTAL 5 3,055 $6,030 $6,650


TWO BEDROOM / 1 BATHROOM

*The one bedroom unit was originally a two-bed unit where a bedroom was converted to a management office

THE ASTORIA | OFFERING MEMORANDUM | KIDDER MATHEWS 21


MARKET OVERVIEW

Section 3

Portland MSA

Portland Rankings

Apartment Market


MARKET OVERVIEW

Portland is considered one of the nation’s most livable cities. Located on the

banks of the Willamette River, only 90 minutes from snow-capped peaks and

the Pacific Ocean, one might not realize Portland’s bustling downtown and

waterfront are the heart of a metropolitan region with more than two million

people. Twelve bridges span a wide elbow of the Willamette River, connecting

the east and west sides of town. Throughout the metro area are thriving

neighborhoods filled with restaurants, record shops, bars, funky clothing

stores, antique malls, and art galleries.

Portland is known for its progressive bike-friendly attitude, lively music

and restaurant scenes, food carts, farmers’ markets, and endless recreation

possibilities. Beyond the metro area residents enjoy the Pacific Northwest’s

natural beauty, via slopes, sails, surf, and trails.

Portland is a walkable and bikable city. Within walking distance of most

parts of downtown is the campus of Portland State University, the world-

class Portland Art Museum, Waterfront Park, Pioneer Courthouse Square, the

Oregon Historical Society, a performing arts complex, and a concert hall. For

sports fans, Portland is home of the MLS Timbers, NBA Trail Blazers, and WHL

Winterhawks. Outdoor enthusiasts love Forest Park, the largest city park in

the nation, with 5,000 acres of hiking and biking trails, a zoo, public gardens,

and beautiful old-growth woods. The downtown core is connected by one

of the world’s leading public transportation systems, a combination of buses,

streetcars, and light-rail trains, putting the entire metro area only a couple

stops away.

Portland MSA

$24.3BADDED TO PORTL AND MSA

ECONOMY DUE TO TECH SEC TOR IN 2017

3rd BestECONOMIC GROW TH IN

THE COUNTRY DURING 4Q17 (FOR OREGON)

$171BTOTAL GDP FOR

PORTL AND -VANCOUVER- HILLSBORO IN 2016

10thHIGHEST PERCENTAGE OF WORKFORCE IN TECH IN

THE COUNTRY

3.5%PORTL AND MSA

UNEMPLOYMENT RATE

3.9%NATIONAL

UNEMPLOYMENT RATE


Portland Rankings

BEST PL ACES FOR BUSINESSES &

CAREERS

FORBES 2017

#1SAFEST PL ACE

TO LIVE

RENTAL HOUSING JOURNAL 2017

#1

ENERGY INFRASTRUC TURE

US NEWS 2018

#1FIT TEST CIT Y IN

AMERICA

HUFFINGTON POST

#1

MOVING DESTINATION

OF 2018

UNITED VAN LINES 2019

#2MOST

DESIRABLE PL ACE TO LIVE

US NEWS 2019

#1


Top Manufacturing Firms in Portland

19,300 EMPLOYEES IN OR & SW WA

12,000 EMPLOYEES IN OR & SW WA

2,800 EMPLOYEES

1,700 EMPLOYEES

1,579 EMPLOYEES

1,500 EMPLOYEES

PORTLAND MSA ECONOMIC DRIVERS

The Portland-Vancouver-Hillsboro region added more than 3,600 tech jobs

in 2017, employing a total of 134,200 workers throughout the area. Those

numbers give the Portland area the 10th highest percentage of workforce in

tech in the country. The tech sector alone added over $24.3 billion into the

Portland Metro economy in 2017.

Portland’s manufacturing sector is also going strong, with firms such as Intel,

Nike, Adidas, Columbia Sportswear, and Boeing employing more than 40,000

workers, and contributing to the area’s current unemployment rate of 3.5%,

below the national average of 3.9%.

Oregon had the third fastest GDP growth (3.7%) nationally for the last

quarter of 2017, with a total gross domestic product for the Portland metro

area at over $171 billion in 2017. Oregon’s GDP growth is due in large part to its

durable goods output, primarily coming out of the computer and electronic

manufacturing sectors. U.S. News recently ranked Oregon as the third fastest

growing state in the country.

Investing in Portland

ULI 2018 Investment Prospects ranks Portland 2nd in the Pacific Region

Oregon personal income growth was 8th nationally at 5.4% (2017)

Portland ranked #6 on Business Insider’s 50 Best Places to Live in America

Portland MSA multifamily vacancy is below 4.4%

Portland MSA is the 8th strongest rental market in the nation, per Axiometrics

Portland’s current unemployment rate is 3.9%, a 41-year low

Intel recently announced plans for a multi-billion dollar expansion of their Hillsboro campus

Growing Population

Oregon was the #2 moving destination in 2018 for people moving from one

state to another, according to United Van Lines

Portland has added 42,000 residents over the last three years, an increase of

1.7%, well above the national average

Portland had the 19th highest population growth by US Metro from 2010 to 2017

Portland estimates around 40,000 new migrants a year, of which more than

40% have a college degree

Employment

Portland MSA employment is at an all-time high, employing

±1,240,000 workers

In the past year, Portland MSA has added over 48,400 jobs, an increase of 2.6%

Portland MSA is expected to add ±48,000 additional jobs in the next two years

Nike announced a major $275M+ expansion that will create 500 new jobs

Kaiser Hospital in Hillsboro was completed, adding 1,100 new jobs

Daimler Trucks recently completed a $150M headquarters on Swan Island, creating 400 new jobs

Adidas is expanding its North American headquarters by 200,000 SF, adding ±1,100 jobs in the process

Intel’s lab expansion is predicted to add 1,750 jobs by 2022


NORTHEAST PORTLAND

The Central Northeast Submarket has a mid-sized multifamily presence, and

investors and developers are beginning to pay this area a bit more attention,

according to CoStar. This primarily residential, suburban submarket has a

smaller multifamily footprint. The Central Northeast’s relative affordability is

a strong attraction for renters in the Portland area. Vacancy in this submarket,

at 5.4% is comparable to the Portland market average. Central Northeast

market rents were $1,169 per unit at the of 2018, with rent per square foot

averaging $1.49.

The Hollywood District has been the epicenter of recent multifamily

development in the Central Northeast, with 75% of new units constructed

located there. There is currently a limited supply of multifamily housing in the

Central Northeast. There were 120 units delivered in 2018, and only 50 in 2017.

There are just 56 units currently under construction, due to be delivered in 2019.

Apartment Market

PORTLAND

Portland was designated the #2 moving destination by United Van Lines in

2018, and Oregon has consistently ranked as one of the top five states for

in-migration numbers over the last several years. Employers such as Intel,

Nike, Adidas, and Amazon have attracted a skilled workforce to the metro

area. Amazon alone has invested around $2.8 billion into the Oregon

economy, with ground broken for three new distribution centers, of one

million square feet each, in late 2017.

The Portland-metro area is currently in the middle of extensive apartment

construction. While vacancies have gone up due to the increased supply

of new units in the past few years, Portland’s overall vacancy rate, at 4.85%,

remains comparable to the national average. Substantial demand in the

multifamily market should alleviate concerns about oversupply. The influx

of well-educated young professionals to the area should have a mitigating

effect on vacancy rates as construction increases. According to CoStar, as of

January 2019, there are more than 10,600 units under construction, with about

6,100 expected to be delivered in 2019. An overwhelming majority of the

new construction has taken place in the city’s Core, close to downtown, while

submarkets outside of the Core, like Gateway, have seen relatively limited

new construction.

The metro area remains popular with Millennials in search of creative, eco-

friendly, and affordable spaces with good access to transit hubs, walkable

neighborhoods, and entertainment options. Employment, population,

and income growth all exceed national averages, providing solid economic

indicators that demand in the Portland apartment market will remain robust,

particularly amongst younger generations.

Portland’s population growth is still one of the strongest in the country due to

high net migration trends. The metro area gained 30,066 residents between

July 2016 and July 2017, increasing Portland’s population to 2,453,168 and

making it the 22nd fasting growing metropolitan area out the nation’s 100

largest cities. With a growth rate of 1.9%, Portland is one of only 28 cities

in the country that are growing by at least 1% a year. The State of Oregon

Employment Department places Portland’s population growth at 19th in

country, with a 10% population increase from 2010 to 2017.

120UNITS

DELIVERED IN 2018

56UNITS TO BE DELIVERED

IN 2019Construction

$45MTRADED IN 2018

$24.5MTRADED IN 2017

SalesHISTORICALLY LIMITED SALES VOLUME

46,980NORTHEAST PORTL AND

53,695PROJEC TED

2035 POPUL ATIONPopulation

SOURCE: COSTAR

±27KUNITS ADDED

FROM 2012-2017

6,100UNITS TO BE DELIVERED

IN 2019Construction

$2.2B+TRADED IN 2018

$1.6B+TRADED IN 2017

Sales

639,863PORTL AND

Population

SOURCE: COSTAR

2,451,560PORTL AND MSA


PROPERTY ECONOMICS

Section 4

Current Rents

Operating Statement & Comparative Analysis

Underwriting Assumptions & Notes

Apartment Sale Comparables


PROPERTY ECONOMICS

NEW LIST PRICE

$12,500,000

PRICE PER UNIT

$183,824

IN-PL ACE CAP RATE

5.51%

PRICE PER SF

$218

GRM

12.00

PRO FORMA CAP RATE

6.02%

Current Rents

UNIT TYPE # OF UNITS

AVERAGE SF

AVERAGE RENT RENT/SF HIGH

RENTHIGH

RENT/SFPRO FORMA

RENT / SF PF RENT/SF

1 Bedroom / 1 Bathroom 1 536 $1,075 $2.01 $1,075 $2.01 $1,100 $2.05




TOTALS / AVERAGE 68 599 $1,277 $2.13 $1,306 $2.23 $1,346 $2.25


Operating Statement & Comparative Analysis

CURRENT RENTS PRO FORMA RENTS

FY 2019 PER UNIT % OF EGI FY 2019

INCOME

Gross Potential Rent $1,041,783 $15,320 $1,098,600

Other Income $49,894 $734 T-6 Ann $49,894

Utility Reimbursement Income $83,728 $1,231 T-6 Ann $83,728

Comcast Income $1,783 $26 T-8 $1,783

GROSS OPERATING INCOME $1,177,188 $17,312 $1,234,005

Vacancy Loss (5%) ($52,089) ($766) 5.00% ($54,930)

EFFECTIVE OPERATING INCOME $1,125,099 $16,546 100% $1,179,075

EXPENSES

Property Taxes ($82,924) ($1,219) 7.37% ($82,924)

Insurance ($17,420) ($256) 1.55% ($17,420)

Water/Sewer ($46,143) ($679) 4.10% ($46,143)

Electricity ($29,180) ($429) 2.59% ($29,180)

Garbage ($11,676) ($172) 1.04% ($11,676)

Gas ($12,945) ($190) 1.15% ($12,945)

Landscaping ($19,620) ($289) 1.74% ($19,620)

Repairs & Maintenance ($54,400) ($800) 4.84% ($47,600)

Turnover ($9,493) ($140) 0.84% ($9,493)

Professional Management ($33,753) ($496) 3.00% ($35,372)

Onsite Management ($68,471) ($1,007) 6.09% ($68,471)

Office & Administrative ($33,607) ($494) 2.99% ($28,563)

Reserves ($17,000) ($250) 1.51% ($17,000)

TOTAL EXPENSES ($436,632) ($6,421) 38.81% ($426,407)

NET OPERATING INCOME $688,467 $10,125 $752,668

Underwriting Assumptions & Notes

CURRENT INCOME

Gross Potential Income

Current column reflects estimated aggregate monthly rents that equate to

$2.13 per square foot, or $1,277 per unit.

Proforma column presents all units at estimated Current Market rents. On

average this equates to $1,346 per unit, or $2.25 per square foot, with an

average premium of $79 per unit.

Vacancy Loss

Underwrote 5% vacancy loss market vacancy loss for current and pro-forma.

Other Income

Underwrote all other income line items consistent with the Trailing 12 months

ending in December 2018. General other income line item typically includes

late charges, miscellaneous income, NSF fees, pet fees, damage/cleaning fees,

transfer fees, application fees, cancellation/termination fees, redecorating

fees, and month-to-month premiums. Comcast income is from a recent

revenue sharing agreement signed with Comcast in August of 2018.

Utility Reimbursement Income

Utility reimbursement charges are underwritten consistent to Trailing 12

months.

EXPENSES

All expenses underwritten to trailing-12 months as of June 2019 except the following:

Insurance

Underwrote to Budget at $256 per unit annually.

Professional Management

Underwrote to actual cost of 3% of effective operating income.

Repairs & Maintenance

Underwrote to market estimate of $800 per unit annually for current and

$700 per unit for pro-forma.

Capital Reserves

Underwrote to market estimate of $250 per unit annually.

Real Estate Taxes

Underwrote to 2018-19 tax year with a 3% discount. Property taxes paid before

November 1st receive a 3% discount._

PARCEL ACCT NO. ACREAGE 2018 TAXES

R194040 1.78 $55,423

R194041 0.35 $30,066

Total 2.67 $85,489

ASSUMABLE LOAN

CHASE LOAN

Originated December 2015

Matures December 2022

Balance ±$6.825M

Rate 3.71%

Seller to reduce the purchase price by $150,000 if a buyer secures new

financing through Chase or assumes the existing Chase loan.


Apartment Sale Comparables

List Price $12,500,000

Price / Unit $183,824

Price / SF $218

NRSF 40,724

No. of Units 68

Year Built 1950


20202020 SW Salmon Street, Portland

Sale Date January 2018

Sale Price $14,425,000


Price / SF $258

NRSF 55,885

No. of Units 55

Year Built 1963

Cap Rate 5.00%1BINFORD GARDEN TOWNHOMES6905 NE Hancock Street, Portland

Sale Date July 2018



Price / SF $166

NRSF 185,250

No. of Units 182

Year Built 1949

Cap Rate 4.79%3

TWENTY TWO TWENTY TWO2222 SW Spring Garden Street, Portland

Sale Date January 2019



Price / SF $163

NRSF 46,480

No. of Units 44

Year Built 1967

Cap Rate 5.29%4

AMBER COURT2215 NW Irving Street, Portland

Sale Date September 2018



Price / SF $218

NRSF 32,166

No. of Units 39

Year Built 1926

Cap Rate 4.52%2


Apartment Rent Comparables


PROPERTY ADDRESS YEAR BUILT UNITS AVG SF ASKING RENT RENT / SF NOTES

Connery Place 8130 SE Mill St 1978 72 700 $1,315 $1.88 RUBS $90

Claremont Apartments 729 SE 42nd Ave 1950 32 700 $1,450 $2.07 RUBS $50

Lindhurst Apartments 6009 NE Flanders St 1948 64 999 $1,535 $1.54

27th East Apartments 533 SE 27th Ave 1970 32 860 $1,545 $1.80

Aalto Modern 3021 NE Glisan St 1965 24 770 $1,545 $2.01 RUBS $65

The Rose Court 2500 NE Hoyt St 1922 57 800 $1,595 $1.99 RUBS $75

Binford Garden Townhomes 6905 NE Hancock St 1949 182 1,042 $1,595 $1.53

Belmont Terrace 721 SE 29th Ave 1975 10 750 $1,695 $2.26

COMPARABLE AVERAGE 66 839 $1,511 $1.83

The Astoria 1913 NE 72nd St 1950 68 611 $1,277 $2.13

Tyler LinnVice President503.221.2702

[email protected]

Jordan A. CarterExecutive Vice President

Shareholder503.221.2280

[email protected]

Clay NewtonExecutive Vice President

Shareholder503.721.2719

[email protected]

Exclusively represented by

a 68-unit apartment community - loopnet...vinyl windows. the interiors have been extensively...

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