Sold: May 2020
581 Holmes Ln. Oregon City, OR 97045 Clackamas County
Tuscany Villa is a well maintained, value-add asset located in an emerging Portland suburb. The property includes extra-large 1-bedroom flats and 2-bedroom townhome floor plans to satisfy demand from professionals and families moving out of Portland’s inner core. Interior features include full-sized washer/dryers and private patios. Private garage parking allows for growth in monthly income.
Tuscany Villa is located in the Barclay Hills neighborhood less than two miles from Main Street Oregon City, an area that has gained popularity for its quaint coffee shops, craft breweries, and local shops. Residents enjoy a short commute to Clackamas Community College (2 miles from Tuscany Villa), and easy access to Portland’s Core Business District via both Highway 99 and I-205/I-5.
Construction on the Willamette Falls Legacy Project’s first phase is anticipated to begin in 2020 (1.5 miles from Tuscany Villa). Long-term plans for the 22-acre riverfront site include creating a public riverwalk alongside the Willamette River and a new, vibrant downtown commercial/residential development. As the project progresses, it will transform Oregon City’s downtown into a national-level attraction, boosting submarket apartment demand.
SOLID INVESTMENT BENCHMARKS
Tuscany Villa has been a reliable asset despite few upgrades to unit interiors, producing consistent income through high occupancy and the adjustment of rents to near- or at-market with organic turnover.
SIGNIFICANT UPSIDE OPPORTUNITY
As natural turnover occurs, renovations present the opportunity to elevate performance in a market poised for growth and continued development. Upside potential includes creating new branding and marketing, new exterior paint and refreshed signage/curb appeal. Income growth potential is also possible through monthly garage rentals and utility bill back.
ATTENTIVELY OWNED & MANAGED
This asset had been actively owned and maintained by a local family for 13 years. New windows, garage doors and full exterior paint were completed in 2008. Attentive ownership has helped maintained a high occupancy rate at the property.
ATTRACTIVE UNIT MIX
Tuscany Villa is comprised of 1-bedroom flats and 2-bedroom townhomes averaging 944 sq. ft. per unit. Recent new construction in the Portland metro has delivered an increasing number of relatively smaller studio and one-bedroom product, fueling a demand for larger, two-level town homes.
PROJECTED POPULATION GROWTH
Portland Metro consistently ranks as one of the nation’s “#1 moving destinations” and forecasts a population growth of 725,000 people by 2035. A recent U.S. News & World report ranked Portland among the top places to live in the nation based on its healthy job market (ease of finding employment and earning potential) and desirable quality of life. Rental demand in this submarket is fueled by Southeast Portland’s various employment hubs and Clackamas Community College.
For more information, contact email@example.com.