Summary

The 17-unit French Chateau Apartments present a rare investment opportunity in the strong Beaverton submarket of Washington County.   The community features large 2br/1ba floor plans (1,000 sq. ft) with open concept living and full-size washer/dryer hook ups in each unit.  The strong in-place rents (average of $1,634 as of December 2024) provide an investor with a stable base to step into day one, but also provides attainable upside to be captured through strategic unit upgrades, increasing operational efficiencies, and the eventual implementation of Utility Bill Backs (which has become a widely acceptable charge in the market).

The property was originally built in 1971, but has undergone a complete exterior transformation in 2022/2023, with recent capital improvements including New roofing, New siding, New vinyl windows, and New landscaping.  Various unit upgrades have taken place in recent years, resulting in strong lease up rents, but most of the apartments have only been lightly renovated and provide a new owner with tremendous upside to be captured upon renovations. 

The Beaverton market has experienced steady economic growth, with a strong presence of technology, retail amenities, and professional services – drawing from a broad and highly qualified tenant base.  Known for having very strong schools, recreational facilities, and easy access to nature amenities, Beaverton/Washington County provides a unique quality of life option for residents.  Washington County is home to many of the state’s largest & most established employers (Nike, Intel, Columbia Sportswear, Tektronix, etc.), which as a result has bolstered home prices & rental demand in recent years.  The French Chateau Apartments is well located within the path of progress and provides easy access to major transportation routes via various freeways (217, I-5, 26) and has ease of access to public transportation.    

The strong fundamentals of the Beaverton market, along with the unique attributes of the French Chateau provide a rare opportunity for a buyer to step in and capitalize on finishing out a value-add model through interior renovations.   A rare opportunity to invest in an upgraded asset, in a low inventory Washington county sub-market.