Summary

The Eastport Manor Apartments is an extensively renovated, like brand-new, 20-unit apartment community located in the Foster-Powell neighborhood of SE Portland. The property has undergone a complete transformation in 2023/2024 with the completion of a stunning and fully permitted renovation that includes all new systems and high-end interior renovation of all units. The units feature spacious and modern 2br/1ba floor plans, with washer/dryer in unit & additional amenities on-site. Amenities include off-street parking, a newly constructed and secure bike-room on-site, a private/serene court-yard with secure entrance and a dedicated storage locker for each unit. Tenants benefit from the property being centrally located with easy access to nearby amenities, but also reap the benefit of the property being set back within a residential setting for tranquil quiet living.  

Upon completion of the renovations, the property experienced very strong demand at lease up, with all units leasing within approximately 45 days, with no concessions. As of June 2024, the property is 100% occupied with an average rent of $1,635 + RUBS in place (*rents range from $1,595 to $1,745 + RUBS).   

A truly rare investment opportunity for a buyer to acquire a stabilized property with a beautiful high-end renovation completed (like brand-new construction), and an opportunity that will limit the capital risk for a buyer moving forward given the extent and quality of the work completed.