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**Potential Contract Sale Opportunity, for highly qualified investors.** The Bridgecrest Apartments represents a unique pride of ownership asset in the St. Johns Neighborhood of North Portland. The community is comprised of 35 units with a variety of unique and functional floorplans and has been meticulously maintained by the current ownership over the past 20 years. The property has undergone a complete transformation during that time, with a variety of major capital improvements to the exterior, along with a thoughtful approach to the renovation of the interior units to meet the demands of today's renter. This has resulted in historically low vacancy and strong performance. Additional value-add opportunity remains for a new owner, through operational improvements, and a more aggressive management approach to capitalize on revenue growth opportunities. The community has a mix of Studio, 1-bedroom, and 2-bedroom floorplans, many of which provide unique living spaces with sizeable square footages. Most units have been upgraded (34 out of 35), and the community offers a variety of floor plans (flats, townhomes, loft style, etc.) which appeal to a broad scope of residents. The current rents in place trail the market by approximately 10%, providing a new owner a strong base to step into, but also allowing for additional & attainable runway to grow the income during the first few years of ownership. In addition to the rental upside, the current ownership does not have a utility bill back system in place (which has become a widely acceptable charge in the market) and the property has a sizable parking lot (32 spaces + 3 garages) & Storage Lockers (17) that are currently being rented below market and could be utilized further. A truly rare opportunity to step into a well-cared for asset, with true operational upside day one. The Bridgecrest has undergone extensive capital improvements in recent years, providing an ease of transition for a new owner to step into and focus their efforts on the operations. Capital Improvements include major exterior & building items: Roofs/Gutters (various years), Vinyl Windows, Exterior Paint, Siding (partial), New Stairs/Railings & Landings, Lighting, New Water Main, Parking Lot, Retaining Wall, Walkways, Landscape refresh, Laundry Room renovation, Fencing, Replacement of horizontal galvanized piping, and extensive interior Apartment Renovations. Reap the benefits of a well-cared for community. |
