IMG Northwest is pleased to offer the exceptional investment opportunity to acquire Joule Flats in Portland, Oregon.
Contact Lindsey Zehel, Advisor at (971) 888-4010 ext. 102 for additional information.
Joule Flats sits directly off of the 99E/MLK Blvd business corridor in the Woodlawn Historic District and offers easy access to I-5 and Portland Int’l Airport. Twelve elegantly presented apartment homes offer a contemporary lifestyle with inviting open floor plans. Joule Flats offers a more spacious and livable lifestyle in its 2- and 3- bedroom unit mix, filling an underserved niche for professionals & families seeking new construction in Inner Northeast Portland.
Luxe details include a spectacular kitchen with porcelain tile backsplash and stainless steel Frigidaire Gallery® Collection applicances. Residents at this “Very Bikeable” location (96 neighborhood Bike Score®) enjoy a heated, secure community bike room.
Joule Flats is a superior asset designed and constructed with extreme attention to detail in its first-class finishes. Joule Flats is setting a new standard for luxury construction in this submarket to support the growing professional tenant base.
Livable, Spacious Unit Mix
The majority of new units delivered in the metro are smaller 1-bedrooms and studios. Joule Flats offers a more spacious and livable lifestyle in its 2- and 3- bedroom unit mix, filling an underserved niche for professionals and families seeking new construction in this neighborhood easily accessible to major employment centers.
No. 1 Best Place for Business and Careers
A strong economic outlook and the area’s talent surge pushed Portland to the top spot in the latest Forbes rankings. The Oregon Employment Dept. forecasts 131,000 new jobs from 2017 to 2027. With retirements and turnover, a total of 1.3 million job openings over the next ten years is projected.
Strong Market Fundamentals
The City of Portland forecasts a population growth of 725,000 people by 2035. Diverse Northeast Portland is one of the hottest up-and-coming areas currently experiencing one of the highest rates of redevelopment.
Solid Investment Benchmarks
The Yr-1 proforma shows a Cap Rate of 5.47% and a Cash/Cash return of 3.63%.
Joule Flats was originally constructed as a luxury condo project. The developers received considerable interest but decided to pursue a multifamily sale due to market timing considerations.
Joule Flats is located two blocks from Dekum Triangle containing a growing number of local breweries, restaurants, and coffee shops. Breakside Brewery won 2017 Brewery of the Year and Oregon Public House received global attention opening as the world’s first non-profit pub.