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The Bridgecrest Apartments

The Bridgecrest Apartments

https://www.josephbernard.net/the-bridgecrest-apartments
Address:
7002-7140 N Alta Ave, Portland, Oregon 97203
Price:
$5,890,000
Units:
35
Price per unit:
$168,286
Cap Rate:
6.57%
Year Built:
1972

Highlights

  • Rare opportunity to invest in the strong performing St. Johns Apartment Market
  • Option for Seller Financing, for highly qualified investors.
  • Operational value-add opportunities
  • Option for construction of additional units over former pool area.
  • High demand and strong tenant base
  • Plentiful parking on-site, along with three garages
  • Urban draw, walking distance to many nearby amenities – Cathedral Park, Downtown St. Johns
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The Bridgecrest Apartments

Summary

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 (31 out of 35 over the past 8 years), 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.

Highlights

  • Rare opportunity to invest in the strong performing St. Johns Apartment Market
  • Option for Seller Financing, for highly qualified investors.
  • Operational value-add opportunities
  • Option for construction of additional units over former pool area.
  • High demand and strong tenant base
  • Plentiful parking on-site, along with three garages
  • Urban draw, walking distance to many nearby amenities – Cathedral Park, Downtown St. Johns

The Bridgecrest Apartments

The Bridgecrest Apartments is located within the Cathedral Park Neighborhood of St. Johns. Cathedral Park is a picturesque neighborhood located in North Portland, offering a blend of residential living and urban amenities. The Bridgecrest Apartments is located adjacent to the iconic St. Johns Bridge, and steps away from downtown St. Johns -providing a central base for residents to benefit from the array of nearby amenities and recreational activities. The property backs into a quieter residential setting, with treelined streets providing for a peaceful setting. Nearby Cathedral Park, which spans 23 acres offers various amenities including walking trails, picnic areas, and a boat ramp (designated as a safer swimming area on the Willamette River). The park is home to a small outdoor amphitheater, which hosts the annual Cathedral Park Jazz Festival – the oldest free jazz festival west of the Mississippi River. The neighboring downtown St. Johns provides a variety of shops, restaurants, and services.

In addition to many nearby walkable/bikeable amenities near Bridgecrest Apartments – St. Johns provides a central hub with easy access to amenities on both the East Side of Portland (including Vancouver, WA) & the West side of Portland via Hwy 30 (NW Portland, Washington County, Columbia County etc.) The unique location of Bridgecrest offers the recreational dream to residents with nearby Cathedral Park (0.4 miles), Pier Park (1.3 miles), Kelley Point Park (4.9 miles), and Forest Park (3.2 miles) all within a short distance.

The Bridgecrest Apartments

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The Bridgecrest Apartments

Document Title Document Type
Property Flyer Adobe PDF

The Bridgecrest Apartments

Phillip Barry
pbarry@josephbernard.net
Joseph Bernard, LLC
5 Centerpointe Drive, Suite 400
Lake Oswego, OR 97035
503.546.9390 Main
866.546.9390 Toll Free
877.631.5610 Fax