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WASHINGTON STREET STATION 20 Units • Hillsboro, Oregon OFFERING MEMORANDUM

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WASHINGTON STREET STATION 20 Units • Hillsboro, Oregon OFFERING MEMORANDUM WASHINGTON STREET STATION 20 Units • Hillsboro, Oregon OFFERING MEMORANDUM www.hfore.com (503) 241.5541 2 HFO INVESTMENT REAL ESTATE EXECUTIVE SUMMARY ASSET SUMMARY DETAILED UNIT MIX Location 433 SE Washington Street Unit Type Unit Count Average Sq Ft Total Sq Ft % of Total Units City, State Hillsboro, OR 97123 1 Bed / 1 Bath 2 548 1,096 10.0% County Washington 1 Bed / 1 Bath 8 600 4,800 40.0% 2 Bed/ 2 Bath Total Units 20 6 1,243 7,458 30.0% Townhome Year Built 2012 2 Bed / 2 Bath 4 1,330 5,320 20.0% Approx. NR Sq Ft 18,674 Total / Averages 20 934 18,674 100.0% Average Unit Size 934 Washington Street Station is a 20-unit community in the heart of downtown PRICE SUMMARY Hillsboro. The property offers tenants spacious one-bed, one-bath and large two- bed, two-bath layouts. Apartments average 934 square feet and have modern Price $4,400,000 fixtures and amenities throughout. Price Per Unit $220,000 Washington Street Station is situated on SE Washington Street between SE 4th and Per Square Foot $236 5th Streets just one block from the Hillsboro Central MAX station. Its accessible Projected Cap Rate 5.91% location offers numerous amenities within walking distance including Walgreens, Starbucks, Insomnia Coffee, Shute Park, Tuality Community Hospital, and an abundance of restaurants and retailers. Washington Street Station’s rents currently TOURS AND INQUIRIES average $1,409 per unit or $1.51 per square foot; projected rents average $1,480 per unit or $1.58 per sq ft. Greg Frick • [email protected] 2424 SE 11th Avenue, Portland, Oregon 97214 The property’s transit-oriented design, favorable unit size and mix, and westside www.hfore.com • (503) 241.5541 • Fax: (503) 241.5548 Portland Metro location make this a great opportunity for either a first-time investor looking to get into the multifamily market, or an experienced investor seeking to Please do not disturb tenants. grow their portfolio. WASHINGTON STREET STATION • 20 UNITS • HILLSBORO, OREGON 3 4 HFO INVESTMENT REAL ESTATE WASHINGTON STREET STATION • 20 UNITS • HILLSBORO, OREGON 5 6 HFO INVESTMENT REAL ESTATE WASHINGTON STREET STATION • 20 UNITS • HILLSBORO, OREGON 7 HILLSBORO Hillsboro, just west of Portland, is the county According to the Spring 2019 Multifamily NW the downtown Portland area. Hillsboro is an seat of Washington County and home to many report, Hillsboro saw an average rent per square ideal place to live for the employees of its high-tech companies, including Intel, and their foot of $1.60 and an average vacancy rate of myriad businesses, as well as their families. thousands of employees. Once a tiny settlement 4.46%, below the 4.95% average for the metro extending three blocks in each direction from its area. Residents and visitors enjoy Hillsboro’s farmers’ county courthouse, Hillsboro grown to become markets, dog parks, arts venues, community the fifth-largest city in Oregon. Its population Other leading employers in the Hillsboro area gardens and its locally owned restaurant and increased 17.5% from 2010 to 2018, when it include Salesforce, Nike, the Hillsboro and shopping options. It is the host of the second- reached 108,389. Beaverton School Districts, Providence Hospital, largest Fourth of July parade in Oregon State. and Comcast Cable. TriMet’s MAX Blue Line train Other annual events include its Latino Cultural Hillsboro has retained its small-town charm makes stops at nine locations in the Hillsboro Festival, Celebrate Hillsboro and the Oregon and tradition, while at the same time offering area, enabling an easy commute to and from International Air Show. Hillsboro is also home convenient access to large employers and to the Metro area’s only pro baseball team, the transportation options. Intel has three Hillsboro Hops. campuses located here, and Hillsboro’s airport is the second largest in Oregon. For decades, the west side of the Portland Metro Area has been referred to as part of the “Silicon Forest”—a cluster of prominent high-tech companies that have had a positive impact on Oregon’s economy and population. A major economic center of Washington County, Hillsboro has attracted many high-tech businesses in the last two decades. It’s been referred to as “the tallest tree in the Silicon Forest.” Most of its high-tech development is located along the Highway 26/Sunset Corridor, which connects Hillsboro with its neighboring city, Beaverton. Hillsboro residents are prosperous, with an estimated median household income INTEL FACILITY of $75,599. Photo credit to Sam Beebe 8 HFO INVESTMENT REAL ESTATE LIFESTYLE CONVENIENCES Hillsboro NE Airport Rd Airport TANASBOURNE 26 NW Cornelius Pass Rd Pass NW Cornelius NW Sunset Hwy NE Cornell Rd ORENCO STATION Walker Road NW 158th Ave HILLSBORO NW 185th Ave Washington E Main St Street Station SW 170th Ave SW Jenkins Rd 219 Century High School SW Johnson St SW 209th Ave SW 229th Ave Aloha Campus Hillsboro High School 8 ALOHA Rosedale SW Kinnaman Rd Blvd SW Murray Elementary School 10 SW River Rd SW 229th Ave SW Minter Bridge Rd SW Minter SW Farmington Rd SW Rosedale Rd WASHINGTON STREET STATION • 20 UNITS • HILLSBORO, OREGON 9 PORTLAND MARKET SNAPSHOT MAJOR EMPLOYERS GOVERNMENT SPORTSWEAR HEALTHCARE AND RESEARCH The U.S. Federal Government is Portland Nike has its world headquarters in Beaverton Health services are another major employment metro’s overall largest employer, with 20,500 and employs 12,000 Portland-area residents. The sector for the Portland area. The top healthcare workers. The State of Oregon gives employment company designs, develops and manufactures employers in the area are Providence Health to an additional 14,000 residents. footwear, apparel, equipment and accessories. Systems, with 17,543 employees, and The From here, Nike orchestrates production and Oregon Health Sciences University (OHSU), HIGH TECH & CHIP MANUFACTURING design for one of the world’s most recognizable with 16,200 workers. OHSU is the recent Attracted by the Portland area’s educated brands. In 2019 Nike will complete a $1 billion recipient of a total of $1 billion in donations workforce and relative low cost of doing expansion of its Washington County campus. for cancer research from over 10,000 Oregon business, tech companies continue moving donors. Grants from the National Institutes of to Portland—opening major branches and, in Nike’s two key competitors have a major local Health totaled $182.7 million in 2016. some cases, relocating to the area entirely. presence as well. Those employers include the North American headquarters of Adidas with MANUFACTURING With over 19,300 employees, Intel is the area’s 1,200 employees, and a new 70,000 SF outpost In trucking and transportation, Daimler Trucks— largest private employer. Intel acquired its of Under Armour. Under Armour has moved with nearly 3,000 area workers—has big plans for first Portland location in 1974. The company 100 employees into an iconic former YMCA. the Portland area. The company recently spent is currently expanding its presence with $150 million renovating its Portland facility and forthcoming D1X microprocessor chip facilities invests heavily in research and development, at the Ronler Acres Campus in Hillsboro. This including autonomous driving. is part of a five-year, $6 billion expansion, and is part of the company’s long-term plans for growth. Intel is the largest property taxpayer in Washington County, with payments of approximately $30 million a year. Other notable Portland-area high-tech companies include ON Semiconductor and Tektronix. 10 HFO INVESTMENT REAL ESTATE PORTLAND METRO SNAPSHOT PORTLAND REGION TOP 10 LISTS Oregon’s largest city, Portland, is near the confluence of the Willamette Portland consistently receives glowing and Columbia Rivers. The Portland Metro Area consists of four counties: reviews and rankings from the media. Multnomah, Washington, Clackamas, and Clark County, Washington. 2019 lists include: • #4 Best City for an Active Lifestyle (Wallethub) APARTMENT MARKET DIVERSIFIED ECONOMY • #7 Healthiest Cities to Live (Thrillist.com) The Portland Metro Area consistently ranks Portland is home to the headquarters of • #7 Best Cheap Destinations in the U.S. (U.S. among the nation’s lowest for apartment Fortune 500 companies Nike and Lithia Motors. News and World Report) vacancy rates according to the U.S. Census Fortune 1000 companies headquartered here • # 8 Best Place to Live in the U.S. (U.S. News and Bureau and other third-party services like REIS, include Columbia Sportswear, Greenbrier World Report) MPF Research, and Axiometrics. The U.S. Census Cos. and Portland General Electric. Fortune • #8 Fittest Cities in America (CBS News) Bureau pegged Portland’s Q3 2018 vacancy 500 companies based outside Oregon with • #9 Best Foodie Cities in the USA (U.S. News and rate at 4.5% and the U.S. average at 7.1%. major operations here are Precision Castparts World Report) and Intel. REIS forecast 2018 Portland metro year-over- 2018 lists include: year rents growth at 3.0% and the Multifamily Tech and software companies continue to • #1 Restaurant City of the Year (Bon Appetit) NW Apartment Report survey proved average relocate their operations here or open major • #1 Best Foodie City in America (Wallethub & October 2017-18 year-over-year rent growth outposts in Portland. These companies enjoy Travelpulse) #6 (Jetsetter) at 3.3%. Portland’s educated workforce, affordable high quality of life, and a low cost of doing • #3 Healthiest City in the U.S. (Active.com) SKILLED WORKFORCE & STRONG EMPLOYMENT business compared to the Bay Area. • #3 Best Place for Business and Careers (Forbes) In a 2018 WalletHub report comparing 150 of • #4 Best City for Biking (Fast Company) the largest U.S. metros, Portland is listed as Companies which have opened major branches in Portland include Airbnb, Google, • #9 Top City for Entrepreneurs and Start-Ups the 15th most educated city in America.
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