Development & Investment
Cannery Row Apartments, Sherwood, OR – Fund MPG
General information
| Acquisition Date / Target Exit Date: | May 2017 / April 2023 |
| Property Type: | Multifamily |
| Location: | Sherwood, OR |
| Asset Size: | 101 units |
| All-in Basis: | $21.6M, $214k/unit |
| Risk: | Value-Add |
Description
- 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.
Opportunity
- 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.
