Summary

The Weidler 111 Apartments represents a rare opportunity to invest in a high-quality stabilized apartment community in one of the strongest submarkets within the Portland Metro, The Gateway District of Northeast Portland. The asset is comprised of 32 spacious units, with a mix of large 2BR and 3BR floor plans (boasting an average unit size of 900+ sq. ft). The vacancy average has been historically low, and the unit mix has proven to meet the demands of today’s renters, and will continue to be a unique housing option in the market, given the limitations and financial challenges of developing large floor plans in today’s market and moving forward.

The community has benefited from major interior & exterior improvements in recent years. Exterior renovations include re-branding & signage, new paint, new outdoor BBQ/Picnic area, new basketball court, renovated leasing office, new fencing, new decking (select units), and upgraded landscaping. The majority of the interior units have been renovated (approx. 90%) with flooring, paint, appliances, cabinets (new or refinished), resurfaced countertops (select units with quartz), new fixtures, lighting, ceiling fans, and various bathroom updates. A proven model of success has been established for a new investor to finish the remaining units, and also reap the benefits of less turnover work for future lease ups.

The community has experienced strong rent growth in recent years, with impressive lease up rents in 2022/2023 as tenants seek more suburban amenity rich communities and large floorplans. The average in place rents still trail the highest level in the building by approximately 10%, allowing a new investor the opportunity to step in and execute a realistic and obtainable value add model by simply getting all of the existing units up to the highest achieved level in the building.

The large unit sizes, and upgrades, along with the amenities on-site – plentiful parking, leasing office, storage, laundry facilities (3), outdoor heated pool, basketball court & BBQ/Picnic area – are drivers for continued rent growth and stability within this community.

**Opportunity to step into a turn-key asset, with a high demand unit mix of 2BR and 3BR units that will continue to see a shortage in the market due to new construction constraints.