Development & Investment
Cannery Row Apartments, Sherwood, OR – Fund MPG
Acquisition Date / Target Exit Date:
May 2017 / April 2023
Acquired in 2017 from the original developer, the suburban community is located in the outer south west region of greater Portland, OR.
The 101-unit building features an excellent mix of unit types, rich amenities and is walkable to local restaurants and attractions.
A unique, newly constructed, community acquired below replacement cost.
Strong going-in basis; opportunity to improve building operations and drive long term value.
Highly desirable location: close proximity to employment nodes; a rent discount to Beaverton and inner westside comparable assets; and a high performing public school system.
High barrier to entry for new supply due to both legislation and availability of development sites.
Performance & Status
Occupancy is 98% with a trough of 92% during the peak of the Covid.
Asset has performed well during Covid, without lowering rents and experiencing high occupancy and few turn-overs.