ALBERTA CROSSING 18 Units • Portland, Oregon OFFERING MEMORANDUM 2 HFO INVESTMENT REAL ESTATE EXECUTIVE SUMMARY ASSET SUMMARY DETAILED UNIT MIX Location 4950 NE 7th Avenue Unit Type Unit Count Average Sq Ft Total Sq Ft % of Total Units City, State Portland, OR 97211 1 Bed / 1 Bath 1 580 580 5% County Multnomah 1 Bed / 1 Bath 2 630 1,260 11% Total Units 18 1 Bed / 1 Bath 1 635 635 5% Year Built 2019 1 Bed / 1 Bath 10 652 6,520 56% 1 Bed / 1 Bath 2 656 1,312 11% Approx. NR Sq Ft 11,739 2 Bed / 1 Bath 2 716 1,432 12% Average Unit Size 652 Sq. Ft. Total / Averages 18 652 11,739 100.0% Acreage 0.18 acres Alberta Crossing is a newly built 18-unit apartment community located in the heart PRICE SUMMARY of Northeast Portland’s popular Alberta Arts District. The property boasts modern one- and two-bedroom floor plans and is near one of Portland’s most popular Price $4,450,000 neighborhood commercial thoroughfares. Price Per Unit $247,222 With lease-up rents averaging $1,393 per unit, or $2.14 per sq ft., Alberta Crossing’s Per Square Foot $379 comfortable units and outstanding location make the property an especially Projected Cap Rate 5.00% attractive investment opportunity. TOURS AND INQUIRIES Alberta Crossing is adjacent to the Alberta Street transportation corridor – which provides frequent public transportation – and boasts easy access to numerous Lee Fehrenbacher • [email protected] grocery anchored shopping centers and major employment centers throughout Jack Stephens • [email protected] Portland and Vancouver. The vibrant Alberta Arts District is also filled with many eclectic local restaurants, cafe’s and bars, and locals and tourists alike rave about 2424 SE 11th Avenue, Portland, Oregon 97214 popular neighborhood staples like Bamboo Sushi and Salt & Straw. www.hfore.com • (503) 241.5541 • Fax: (503) 241.5548 Please do not disturb tenants. The Alberta Crossing offering is a rare opportunity to acquire a high-quality, new construction building in a hip and up-and-coming corner of close-in Portland. ALBERTA CROSSING • 18 UNITS • PORTLAND, OREGON 3 4 HFO INVESTMENT REAL ESTATE ALBERTA CROSSING • 18 UNITS • PORTLAND, OREGON 5 • All units have air conditioning • In unit washer and dryers in each unit • Balconies and patios in each unit • Modern finishes throughout the apartment • New, stainless steel appliances • 6 HFO INVESTMENT REAL ESTATE ALBERTA CROSSING • 18 UNITS • PORTLAND, OREGON 7 GREAT CLOSE-IN LOCATION With an increasing network of restaurants, breweries, Alberta Crossing is located in a highly sought after “20-Minute Neighborhood”. shops and markets, it’s no wonder Northeast Portland has Nearby lifestyle amenities within one mile include: been growing in popularity. Not only did rents continue to • Knockout Taco • The Bye and Bye appreciate in this market last year, but home values were also up nearly 12 percent as more and more people sought to • The Original Halibuts • King Farmers Market make Northeast Portland their backyard. • Radio Room • Alberta Farmers Market Alberta Crossing is central to Portland hot spots like the • Blue Bean Coffee & Tea • Alberta Co-op Grocery Alberta Arts District, the Dekum Triangle, North Mississippi • Starbucks • Cheery Sprout Produce and the North Williams/Vancouver Avenue corridor. • Breakside Brewery • Sugar Mountain Vintage • The Firehouse • Hankins Hardware True Value 8 HFO INVESTMENT REAL ESTATE AMENITY MAP Restaurants and Dining Shopping/Entertainment Lifestyle Services 1 99E 3 4 1. Javier’s Tacos 44. Top Nails 30 2. Black Rock Coffee 45. Nana’s Scoop Shop 3. Sutton’s Tire & Chain 46. U-Haul 2 6 7 5 4. Lombard Animal Hospital 47. Knockout Taco 8 5. Georgie’s Ceramic & Clay 48. Catalina’s 30 6. Taco Bell 49. Piedmont Station Food Carts DEKUM TRIANGLE 7. Teriyaki Heaven 50. Salvation Army 8. Mongolian Grill 51. PDX Tea 9 10 9. Sturgeon Frank’s Guide Services 52. Multnomah County Health 10. Sit Stay Fit Department 15 11. Willamette Valley Aquatic Club 53. Portland Police Department 12. Double J Tire Center 54. J P’s Framing & Gallery 13 14 11 12 16 NE Dekum St 13. The High Water Mark 55. US Post Office 14. Firehouse 56. Gino’s Teriyaki 17 18 19 15. Classic Foods 57. Amigo’s Produce Market 16. Upcycles 58. Norell Design 20 N Vancouver Ave 59. Elevated Coffee 21 17. Koken Market Rosa Parks Way 18. Oregon Kombucha 60. Boys & Girls Club 22 19. Woodlawn Coffee & Pastry 61. O’Reilly Auto Parts NE 15th Ave 20. Breakside Brewery 62. Curious Comedy Theater 23 21. Cafe Eleven 63. Horn of Africa 22. Henry V 64. Old Town Brewing 23. Parr Lumber 65. Scout & Co. 24 25 24. Starbucks 66. 7-Eleven NE Ainsworth St 25. Walgreens 67. Southern Styles & Barber 68. Pizza Hut 26 27 28 29 26. Ta-Dah 27. Popeye’s Louisiana Kitchen 69. Wing Street 30 31 32 33 34 35 28. Safeway 70. AAA Heating & Cooling, Inc 29. Western Union 71. Motorcycle Tire & Wheel 36 37 38 39 30. Fluff & Gravy Records 72. Caravan - The Tiny House Hotel 40 41 Alberta Crossing 31. Bank of America 73. Dog Gone Happy N Williams N Williams Ave 32. Fish Fusion 74. I Am Yoga 42 43 44 45 46 47 48 49 NE Killingsworth St 33. Wells Fargo 75. Cupcake Jones 34. Bennie’s Little Kicker BBQ 76. Gumba 50 51 52 53 54 55 56 57 35. Wing’s World Chicken & Waffles 77. Carioca Bowls ALBERTA ARTS 58 59 60 61 36. KFC 78. Gojo MISSISSIPPI DISTRICT 37. Subway 79. The Grilled Cheese Grill DISTRICT 62 63 64 38. Boost Mobile 80. Radio Room 65 66 67 39. Dream Nails 81. Bamboo Sushi NE 71 72 73 74 75 76 40. US Bank 82. DesiPDX 84 68 69 70 77 78 79 80 81 82 83 41. Van’s Auto Shop 83. Lula’s Breakfast Cart NE Alberta St 42. ReClaim It! 84. Natural Grocers 99E 43. Rose City Ballet School ALBERTA CROSSING • 18 UNITS • PORTLAND, OREGON 9 PORTLAND METRO SNAPSHOT PORTLAND REGION Oregon’s largest city, Portland, is near the confluence of the Willamette and Columbia Rivers. The Portland Metro Area consists of four counties: Multnomah, Washington, Clackamas, and Clark County, Washington. APARTMENT MARKET DIVERSIFIED ECONOMY TOP 10 LISTS The Portland Metro Area consistently ranks Portland is home to the headquarters among the nation’s lowest for apartment of Fortune 500 companies Nike and Portland consistently receives glowing vacancy rates according to the U.S. Census Llithia Motors. Fortune 1000 companies reviews and rankings from the media. Bureau and other third-party services like REIS, headquartered here include Columbia MPF Research, and Axiometrics. The U.S. Census Sportswear, Greenbrier Cos. and Portland 2018 lists include: Bureau pegged Portland’s Q3 2018 vacancy General Electric. Fortune 500 companies • #1 Restaurant City of the Year (Bon Appetit) rate at 4.5% and the U.S. average at 7.1%. based outside Oregon with major operations • #1 Best Foodie City in America (Wallethub & here are Precision Castparts and Intel. Travelpulse) #6 (Jetsetter) REIS forecast 2018 Portland metro year-over- year rents growth at 3.0% and the Multifamily Tech and software companies continue to • #3 Healthiest City in the U.S. (Active.com) NW Apartment Report survey proved average relocate their operations here or open major • #4 Best City for Biking (Fast Company) October 2017-18 year-over-year rent growth outposts in Portland. These companies enjoy • #5 Best Bike City in America (Bicycling Magazine) at 3.3%. Portland’s educated workforce, affordable • #5 Fittest Cities in America (American College of high quality of life, and a low cost of doing Sports Medicine) SKILLED WORKFORCE & STRONG EMPLOYMENT business compared to the Bay Area. • #6 Best Place to Live in the U.S. (CNBC/U.S. News) In a 2018 WalletHub report comparing 150 of Companies which have opened major • #9 Top City for Entrepreneurs and Start-Ups the largest U.S. metros, Portland is listed as branches in Portland include Airbnb, Google, (Business.org) #23 (CNBC) the 15th most educated city in America. More Squarespace, Mozilla, Simple, Survey Monkey, • #10 Greenest City in America (Newsweek) than half of Multnomah County workers have SalesForce and New Relic, Inc. Portland’s tech • #10 Most Entrepreneurial State (Amazon.com) a college degree, well ahead of the national startup companies include Viewpoint, Jama average of 38.5%. Software, Thetus, Urban Airship, Acquia, • #15 Most Educated City in America (Wallethub) According to the State of Oregon’s Employment Elemental Technologies, Act-On, Puppet Labs, • #19 Best Large City in America, 59th best city Department, Portland enjoys one of the fastest and The Clymb. in the World (Best Cities.org) job growth rates in the Pacific Northwest, and the entire nation. Data indicates the area added 31,000 jobs in 2016, 28,000 jobs in 2017, and 29,000 in 2018. 10 HFO INVESTMENT REAL ESTATE ALBERTA NEIGHBORHOOD Alberta Crossing is in the King neighborhood in Portland, near the amenity-rich MLK and Williams corridors, as well as the Alberta Arts District. The Alberta Arts District centers on NE Alberta Street in Northeast Portland. It connects with the Concordia, King and Vernon neighborhoods. Though not officially cited as a neighborhood, the attractions of Alberta make it a prominent location for Bridge City artists, and for those who enjoy a more colorful lifestyle. An eclectic blend of restaurants is one of the district’s highlights. Favorite spots include the Tin Shed, Bollywood Theater, and Pine State Biscuits. Among the area’s array of other businesses are the Alberta Co-Op Grocery, the crafts supply store Collage, Green Bean Books and the Screaming Sky Gallery—one of many art galleries in the area.