OFFERING MEMORANDUM ANKENY NEST 12 Units • Portland,

www.hfore.com • (503) 241.5541 2 HFO INVESTMENT REAL ESTATE OFFERING MEMORANDUM ANKENY NEST 2441 SE Ankeny Street • Portland, OR 97214

TABLE OF CONTENTS

I. Investment Summary 5

II. Location 17

III. Operations Analysis 29

IV. Offer Terms 35

HFO INVESTMENT REAL ESTATE

Jack Stephens Lee Fehrenbacher [email protected] [email protected] (971) 717.6332 (971) 717.6346

www.hfore.com • 503.241.5541

Licensed in the States of Oregon and Washington 4 HFO INVESTMENT REAL ESTATE INVESTMENT SUMMARY

ANKENY NEST 12 Units • Portland, Oregon INVESTMENT HIGHLIGHTS

PROPERTY HIGHLIGHTS ANKENY NEST • Highly walk-able, A+ location 2441 SE Ankeny Street • Portland, OR 97214 • Award-winning design + • Luxurious units 12 2014 /- 8,969 TOTAL UNITS YEAR BUILT APPROX. NR SQ FT • High-end finishes and amenities + • Peaceful off-street courtyard with private 0.18 66.67 /- 747 decks/balconies LOT SIZE (ACRES) DENSITY (UNITS PER ACRE) AVG UNIT SIZE (SQ FT)

6 HFO INVESTMENT REAL ESTATE INVESTMENT SUMMARY OFFERING SUMMARY The Ankeny Nest offering is a rare opportunity to acquire a one-of-a-kind, high-end new construction apartment building in one of Portland’s hippest neighborhoods. Designed by prominent Portland-based Colab Architecture + Urban Design, Ankeny Nest features ASSET SUMMARY a contemporary, west coast modern style and was a recipient of the 2015 American Property Ankeny Nest Institute of Architects’ Citation Award and the 2015 Mayor’s Award. The property consists Location 2441 SE Ankeny Street of six duplexes on three tax lots woven together by a pedestrian alleyway and mid-block courtyard. Private decks and balconies dot the landscaping, as do permeable paving and City, State Portland, Oregon 97214 low-water plantings, water-efficient green roofs and custom art installations. County Multnomah Units feature modern conveniences such as: Year Built 2014

• Black and stainless steel appliances Total Units 12 • Gas ranges Approximate Sq Ft 8,969 • In-unit washers and dryers Average Unit Sq Ft 747 • Gas forced-air heating and air conditioning • Expansive walk-in closets and storage lockers PRICING • Large decks and balconies with panoramic views Price $4,750,000 Ankeny Nest’s live/work design is intended to attract a community of creatives. Current Per Unit $395,833 tenants include a brand manager for a global sportswear company, web designers, a Per Sq Ft $530 director of photography, three media production agencies — afterall.tv, luckyday. tv and narrativelab.com — and a Northwest indigenous art space, quintanagalleries. Projected Cap Rate 4.20% com.Another prominent amenity of Ankeny Nest lies just beyond its property lines.The property is located within walking distance to the restaurant row along SE 28th Avenue – what some locals call “Portland’s Most Delicious Half-Mile.” The property is also walkable Tours and Inquiries: to one of the city’s premier green spaces, Laurelhurst Park, and is a short jaunt away from All tours and inquiries regarding the Ankeny first-run films at the Laurelhurst Theatre. Southeast Ankeny Street is a designated bicycle Nest are to be directed to HFO Investment boulevard, allowing cyclists from Ankeny Nest to reach downtown in just ten minutes. Real Estate at (503) 241.5541. Ankeny Nest is a stable, highly desirable and unique apartment community that will continue to differentiate itself from other apartments in the area for years to come. Jack Stephens Lee Fehrenbacher UNIT MIX [email protected] [email protected] (971) 717.6334 (971) 717.6346 Unit Type Unit Count Avg Sq Ft Total Sq Ft % of Total Units 0 Bedroom / 1 Bathroom 7 627 4,388 58.3% 1 Bedroom / 1 Bathroom 5 916 4,581 41.7% Total / Averages 12 747 8,969 100.0% 7 8 HFO INVESTMENT REAL ESTATE ANKENY NEST • 12 UNITS • PORTLAND, OR 9 93 60 99

Walk Score Transit Score Bike Score

10 HFO INVESTMENT REAL ESTATE ANKENY NEST • 12 UNITS • PORTLAND, OR 11 12 HFO INVESTMENT REAL ESTATE 13 14 HFO INVESTMENT REAL ESTATE 15 LOCATION

WASHINGTON

VANCOUVER

11 min COL UMBIA RIVER 8 min 2 min Portland 5 International Airport Forest Park 99E OREGON 405 84 PORTLAND HILLSBORO 26 ANKENY NEST

26 GRESHAM 8 213 BEAVERTON 219 10 205 5

217 210 TIGARD 224 LAKE OSWEGO 212 CLACKAMAS

16 HFO INVESTMENT REAL ESTATE PORTLAND MARKET SNAPSHOT PORTLAND METRO AREA The Portland Metro Area is one of 4.95% 38.3% 3.8% the strongest apartment markets Metro-area vacancy Metro area renter- Unemployment rate occupied housing rate (June 2019) in the nation, as reflected in strong year-over-year rent growth and consistently tight vacancy. The area’s strong job market and high quality of life continues to attract $68,125 3.84% 48.2% Median household Year-over-year Portland residents age 25+ years new residents; approximately 65 income rent growth* (with a bachelor’s degree or higher) people move here per day. New apartment construction has not caught up to the housing demand created by in-migration.

21,345 4,474 #2 New Portland residents Portland residents for Oregon in Migration (2016-2018) per square mile in US

*Multifamily NW Apartment Report (April 2018-2019)

ANKENY NEST • 12 UNITS • PORTLAND, OR 17 18 HFO INVESTMENT REAL ESTATE LOCATION

ANKENY NEST 12 Units • Portland, Oregon LIFESTYLE CONVENIENCES AND EMPLOYERS

The following establishments are NE Multnomah St within walking distance to the Ankeny Nest Apartments: NE 33rd Ave

84 • • Music Millennium • 50 Licks Ice Cream • Whole Foods Market NE Sandy Blvd NE Glisan St • Laurelhurst Theatre

Buckman Field Park SE 24th Ave • Bamboo Sushi • Ken’s Artisan Pizza 5 • Central Catholic High School E Burnside St

NE Grand Ave • Restaurant SE Ankeny St • Boxer • • The Matador Laurelhurst SE Stark St Ankeny Nest

SE 11th Ave Park • Coalition Brewing • Cheese and Crack Snack Shop Lone Fir Cemetary SE Morrison St • Langbaan SE Belmont St • Pambiche

SE 12th Ave • Migration Brewing • • SE Madison St • Revolution Hall SE Hawthorne Blvd • Stammtisch

20 HFO INVESTMENT REAL ESTATE LIFESTYLE CONVENIENCES AND EMPLOYERS

NE Killingsworth St PARKROSE ALBERTA

NE Prescott St

The Grotto 205 5 NE 82nd Ave

NE Williams AveNE Williams NE Fremont St NE 15th Ave NE 33rd Ave MADISON SOUTH Park NE 42nd Ave

NE Knott St NE 102nd Ave NE 122nd Ave NE 24th Ave NE 57th Ave 99E Rose City NE Sandy Blvd Golf Course Grant Park NE Broadway St NE Halsey St

84 Gateway Shopping Center NE Glisan St

DOWNTOWN E Burnside StMONTAVILLA PORTLAND 213 SE Stark St NE 60th Ave Laurelhurst Park MT TABOR

Mall 205 Ankeny Nest SE Hawthorne Blvd Mt Tabor Park

SE Division St

SE Powell Blvd 26 Kelly Butte Natural Park SE Holgate Blvd

ANKENY NEST • 12 UNITS • PORTLAND, OR 21 PORTLAND REGION Oregon’s largest city, Portland, APARTMENT MARKET The Portland Metro Area consistently ranks among the nation’s lowest for apartment vacancy rates is near the confluence of the according to the U.S. Census Bureau and other third-party services like REIS, MPF Research, and Willamette and Columbia Rivers. Axiometrics. The U.S. Census Bureau pegged Portland’s Q3 2018 vacancy rate at 4.5% and the U.S. average at 7.1%. The Portland Metro Area consists The Multifamily NW Apartment Report survey proved average Spring 2018-19 year-over-year of four counties: Multnomah, rent growth at 7.7%. Washington, Clackamas, and SKILLED WORKFORCE & STRONG EMPLOYMENT Clark County, Washington. In a 2018 WalletHub report comparing 150 of the largest U.S. metros, Portland is listed as the 15th most educated city in America. More than half of Multnomah County workers have a college degree, well ahead of the national average of 38.5%.

According to the State of Oregon’s Employment Department, Portland enjoys one of the fastest 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. DIVERSIFIED ECONOMY Portland is home to the headquarters of Fortune 500 companies Nike and Lithia Motors. Fortune 1000 companies headquartered here include Columbia Sportswear, Greenbrier Cos. and Portland General Electric. Fortune 500 companies based outside Oregon with major operations here are Precision Castparts and Intel.

Tech and software companies continue to relocate their operations here or open major outposts in Portland. These companies enjoy Portland’s educated workforce, affordable high quality of life, and a low cost of doing business compared to the Bay Area.

Companies which have opened major branches in Portland include Airbnb, Google, Squarespace, Mozilla, Simple, Survey Monkey, SalesForce and New Relic, Inc. Portland’s tech startup companies include Viewpoint, Jama Software, Thetus, Urban Airship, Acquia, Elemental Technologies, Act-On, Puppet Labs, and The Clymb.

22 HFO INVESTMENT REAL ESTATE PORTLAND RANKINGS

Portland consistently receives glowing reviews and rankings from the media.

2019 lists include: No.4 No.7 No.7 Best City for an Active Lifestyle Healthiest Cities to Live Best Cheap Destinations in the U.S. – Wallethub – – Thrillist.com – – U.S. News and World Report –

No.8 No.8 No.9 Best Place to Live in the U.S. Fittest Cities in America Best Foodie Cities in the USA – U.S. News and World Report – – CBS News – – U.S. News and World Report –

2018 lists include: No.1 No.1 No.3 No.4 No.5 Restaurant City of the Year Best Foodie City in America Healthiest City in the U.S. Best City for Biking Best Bike City in America – Bon Appetit – – Wallethub & Travelpulse – – Active.com – – Fast Company – – Bicycling Magazine – No.6 rank by Jetsetter

No.5 No.9 No.10 No.10 No.15 Fittest Cities in America Top City for Entrepreneurs & Most Entrepreneurial State Greenest City in America Most Educated City in – American College of Start-Ups – Amazon.com – – Newsweek – America Sports Medicine – – Business.org – – Wallethub – No.23 rank by CNBC

ANKENY NEST • 12 UNITS • PORTLAND, OR 23 PORTLAND MAJOR EMPLOYERS GOVERNMENT HEALTHCARE AND RESEARCH The U.S. Federal Government is Portland metro’s overall largest Health services are another major employment sector for the Portland employer, with 20,500 workers. The State of Oregon gives employment to area. The top healthcare employers in the area are Providence Health an additional 14,000 residents. Systems, with 17,543 employees, and The Oregon Health Sciences University (OHSU), with 16,200 workers. OHSU is the recent recipient HIGH TECH & CHIP MANUFACTURING of a total of $1 billion in donations for cancer research from over 10,000 Attracted by the Portland area’s educated workforce and relative low Oregon donors. Grants from the National Institutes of Health totaled cost of doing business, tech companies continue moving to Portland— $182.7 million in 2016. opening major branches and, in some cases, relocating to the area entirely. MANUFACTURING With over 19,300 employees, Intel is the area’s largest private employer. In trucking and transportation, Daimler Trucks—with nearly 3,000 area Intel acquired its first Portland location in 1974. The company is currently workers—has big plans for the Portland area. The company recently expanding its presence with forthcoming D1X microprocessor chip spent $150 million renovating its Portland facility and invests heavily in facilities at the Ronler Acres Campus in Hillsboro. This is part of a five-year, research and development, including autonomous driving. $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. SPORTSWEAR Nike has its world headquarters in Beaverton and employs 12,000 Portland-area residents. The company designs, develops and manufactures footwear, apparel, equipment and accessories. From here, Nike orchestrates production and design for one of the world’s most recognizable brands. In 2019 Nike will complete a $1 billion expansion of its Washington County campus.

Nike’s two key competitors have a major local presence as well. Those employers include the North American headquarters of Adidas with 1,200 employees, and a new 70,000 SF outpost of Under Armour. Under Armour has moved 100 employees into an iconic former YMCA.

24 HFO INVESTMENT REAL ESTATE TOP AREA EMPLOYERS

20,000 area employees 10,269 area employees 12,000 area employees Intel is the area’s largest private Kaiser has 35 medical facilities, 18 In April of 2016, Nike announced a employer. Recently, following a 16,200 area employees dental offices and 1,400 doctors $1 billion expansion of its Beaverton five year, $6 billion expansion, in the Pacific Northwest. It world headquarters. The company the company unveiled vast, long- Oregon Health Sciences employs more than 10,000 in the is adding 1.3 million square feet of term plans for future growth. University (OHSU) leads the way Portland metro region and serves office space and parking for 3,300 in government-funded healthcare 11.8 million members nationally. vehicles. Construction on the final — and secures numerous grants Kaiser is headquartered in parts of this expansion will wrap up for the advancement of health Oakland, California. in 2019. sciences. OHSU recently acquired a $1 billion gift for cancer research.

Grants from the National Institutes of Health have held steady from around $184 million in 2011 to $219 million in 2017. This infuses the economy with jobs and income 6,780 area employees from outside the Portland MSA. With nearly 50,000 students, Portland Public Schools is Oregon’s largest district. Portland is 17,543 area employees currently in the midst of a massive 12,955 area employees voter-approved high school and Providence is a non-profit middle school reconstruction and network of hospitals, health Legacy is a locally-owned modernization program. plans, physicians, clinics and nonprofit based in Portland, related services. It operates in Oregon. It is the only health In 2017 voters approved $790 Alaska, Washington, Oregon, system covering the Portland/ million in taxes to rebuild one Montana and California. It was 5,200 Oregon employees Vancouver area south to Salem middle school and three high originally founded by the Sisters Fred Meyer offers one-stop with multiple hospitals and a schools. The bond was in addition of Providence in Montreal Quebec shopping at 133 multi-department hospital dedicated to exclusively to a $480 million bond in 2012 for in 1843. stores in four western states. serving children. a similar program.

ANKENY NEST • 12 UNITS • PORTLAND, OR 25 JOB GROWTH BY INDUSTRY MSA PORTLAND According to the State of Oregon Employment Department, the Portland Metro region created jobs at the rate of 1.3% in 2019. Portland ranks 16th among the 50 largest metropolitan areas in the United States.

Among the influx of companies to the Portland metropolitan area—including many who have transplanted their world, North American or U.S. headquarters here—are Adidas, Daimler Trucks, KinderCare and Keen.

Other significant companies in the close-in Portland metro area include Umpqua Holdings, Weiden+Kennedy, NW Natural, PacifiCorp, PGE, New Seasons, Storables, McMenamins, McCormick & Schmick’s, Franz Bakery, Portland Brewing, Powell’s Books, ZGF Architects, and two major West Coast law firms: Stoel Rives and Schwabe, Williamson & Wyatt.

Full time employment increased 1.3% between November 2018 – November 2019, an increase of 15,900 positions. Below is an overview of net job creation by industry from November 2018 through November 2019:

Construction 5,600 Professional 2,400 and Business Leisure & Services Financial 1,600 Information 2,300 Activities Hospitality 1,800 Healthcare & Social 3,500 Assistance

26 HFO INVESTMENT REAL ESTATE TRANSPORTATION SYSTEMS The Portland/Vancouver metro area including Clackamas county and The Green Line was completed 2009 connecting Clackamas, along the City of Happy Valley, is well served by an outstanding public transit Interstate 205, to the Gateway Transit Center. The 8.3 miles of track system. In 2015, TriMet, the area’s public transit agency, made a number provides transportation between 8 additional stations before connecting of upgrades to the area’s transit options. These upgrades addressed the to the previously built I-84 track. concerns of residents and workers who depend on bus and light-rail train service to get to and from jobs, schools and other daily events. • The Blue Line continues through downtown Portland to the cities of Beaverton and Hillsboro The MAX Blue Line was the first of the light rail’s five separate projects to be • The Red Line terminates at the Portland International Airport built, and was the first federally funded light rail project that used money initially earmarked to build freeways. The initial 15 miles of the Blue Line • The Green Line connects to opened in 1986, with 30 rail stops that connect downtown Portland with • The Orange Line is the MAX’s newest extension and connects to the City the City of Gresham. of Milwaukie

W I

L L A M

E T T E

R I

V E

R MAX Blue Line MAX Green Line MAX Orange Line MAX Red line MAX Yellow Line DOWNTOWN GRESHAM PORTLAND WILLAMETTE RIVER

HILLSBORO BEAVERTON ANKENY NEST

Portland Streetcar A Loop Portland Streetcar B Loop Portland Streetcar North South Line CLACKAMAS

ANKENY NEST • 12 UNITS • PORTLAND, OR 27 TRANSPORTATION SYSTEMS INTERSTATE HIGHWAY SYSTEM Portland has three interstate highways running WASHINGTON through it: I-5, I-84 and I-205. These freeways help mitigate the amount of congestion on city VANCOUVER streets.

Hwy. 26 (2.6 miles South) runs east and west, with its western terminus on the Oregon OLUIA RIER Coast. Hwy. 26 is an expressway and is part of the Mount Hood Scenic Byway. Its eastern terminus is Oglallala, Nebraska. PDX I-5 (12.2 miles East) runs the length of the 5 entire West Coast between the U.S. borders Forest Park 205 with Canada and Mexico. 99E OREGON I-84 (13.5 miles East) runs east and west, with 26 84 its western terminus at I-5, heading east to the PORTLAND suburbs of Gresham and Troutdale, and to the 405 scenic Columbia River Gorge on its way to its GRESHAM terminus east of Salt Lake City, Utah. 8 26 I-205 (18.9 miles East) is a 37-mile loop running ANKENY NEST BEAVERTON north-south skirting downtown Portland to 10 the east. It begins in Vancouver, Washington, 213 and ends south of Portland in Tualatin, Oregon. This helps commuters avoid traveling through downtown Portland. 217 224 I-405 (12.1 miles East) is an additional 4.25- 210 TIGARD mile highway connector on the west side of LAKE OSWEGO downtown Portland. CLACKAMAS 212

28 HFO INVESTMENT REAL ESTATE ANKENY NEST • 12 UNITS • PORTLAND, OR 29 30 HFO INVESTMENT REAL ESTATE OPERATIONS ANALYSIS

ANKENY NEST 12 Units • Portland, Oregon OPERATIONS ANALYSIS ANKENY NEST • 12 UNITS • PORTLAND, OR Income Current Scheduled Rents Projected Operations Note Scheduled Gross Rent $263,040 $21,920 $275,379 $22,948 1 Less: Vacancy/Credit Loss -$13,152 -$1,096 -5.0% -$13,769 -$1,147 -5.0% 2 Net Rental Income $249,888 $20,824 $261,610 $21,801 Other Income $3,989 $332 $3,989 $332 3 Includes: Miscellaneous $3,989 $332 $3,989 $332 Gross Operating Income $253,877 $21,156 $265,599 $22,133 Expenses Projected Per Unit % GOI Projected Per Unit % GOI Operations Operations Real Estate Taxes $28,393 $2,366 11.2% $28,393 $2,366 10.7% 4 Insurance $4,874 $406 1.9% $4,874 $406 1.8% 5 Total Utilities $5,506 $459 2.2% $5,506 $459 2.1% Fee Management $15,233 $1,269 6.0% $15,936 $1,328 6.0% 6 Landscaping $2,400 $200 0.9% $2,400 $200 0.9% 7 Maintenance/Repairs $4,200 $350 1.7% $4,200 $350 1.6% 8 Turnover $1,800 $150 0.7% $1,800 $150 0.7% Reserves $3,000 $250 1.2% $3,000 $250 1.1% 9 Total Expenses -$65,406 -$5,450 -25.8% -$66,109 -$5,509 -25% Net Operating Income (NOI) $188,471 $15,706 $199,489 $16,624

32 HFO INVESTMENT REAL ESTATE OPERATIONS ANALYSIS ANKENY NEST • 12 UNITS • PORTLAND, OR INCOME

1. RENTS Ankeny Nest’s currently scheduled rents average $1,827 per unit, or $2.44 per sq ft. Projected rents are estimated to average $1,912 per unit, or $2.56 per sq ft.

RENT ROLL ANALYSIS Current Scheduled Rents Average Projected Rents Unit Type Unit Count Square Feet Current Scheduled Rents Average Projected Rents per Sq Ft per Sq Ft 0 Bedroom / 1 Bathroom 1 515 $1,355 $2.63 $1,423 $2.76 0 Bedroom / 1 Bathroom 1 673 $1,720 $2.56 $1,806 $2.68 0 Bedroom / 1 Bathroom 1 665 $1,660 $2.50 $1,743 $2.62 0 Bedroom / 1 Bathroom 1 680 $1,785 $2.63 $1,874 $2.76 0 Bedroom / 1 Bathroom 1 710 $1,675 $2.36 $1,759 $2.48 0 Bedroom / 1 Bathroom 1 495 $525 $1.06 $1,355 $2.74 0 Bedroom / 1 Bathroom 1 650 $1,530 $2.35 $1,607 $2.47 1 Bedroom / 1 Bathroom 1 901 $1,990 $2.21 $2,090 $2.32 1 Bedroom / 1 Bathroom 1 835 $2,175 $2.60 $2,284 $2.74 1 Bedroom / 1 Bathroom 1 1,210 $2,685 $2.22 $2,819 $2.33 1 Bedroom / 1 Bathroom 1 870 $2,130 $2.45 $2,237 $2.57 1 Bedroom / 1 Bathroom 1 765 $1,860 $2.43 $1,953 $2.55 Totals / Averages 12 747 $1,827 $2.44 $1,912 $2.56

2. VACANCY Operations have been adjusted for a 5.0% vacancy rate based on lender underwriting requirements. Lenders consider the long-term nature of a property and the market in which it is located. Lenders typically underwrite to 5.0% vacancy.

3. OTHER INCOME Ankeny Nest is projected to generate $3,989 in other income in a fiscal year. Other income stems from miscellaneous administrative charges to tenants.

ANKENY NEST • 12 UNITS • PORTLAND, OR 33 OPERATIONS ANALYSIS ANKENY NEST • 12 UNITS • PORTLAND, OR EXPENSES Ankeny Nest’s professional management reflects market-rate operations with minimally adjusted expenses. The following expenses impact overall operations.

4. PROPERTY TAXES Oregon’s property taxes are evaluated on a fiscal year TAX HISTORY starting July 1. Property tax values for the 2019-2020 tax year Tax Year were published October 15. Projected operations include 2018/2019 2019/2020 current taxes for the 2018-2019 property tax year. Ankeny Account # Nest’s taxes increased 3.37% over 2018-2019. In Oregon, property taxes are not reassessed on sale and are limited to 3 Tax Lots $28,822 $29,827 a 3.0% annual increase at the state level. Property taxes paid Total $28,822 $29,827 by November 1 each year receive a 3.0% discount. The gross % Change 3.37% property taxes for the 2019-2020 tax year total $29,827. The discounted taxes were used for underwriting purposes.

5. INSURANCE The insurance fee totals $4,874 or $406 per unit.

6. MANAGEMENT FEE The management fee is projected at 6.0% of GOI, which represents standard independent, third-party management costs for properties in the metro area similar to Ankeny Nest.

7. LANDSCAPING The property did not report any landscaping costs. After reviewing the property, we project an annual landscaping cost of $2,400. This rate is comparable to properties in the metro area similar to Ankeny Nest.

8. MAINTENANCE AND Ankeny Nest had a total of $4,178 in maintenance and repair costs in 2018. We projected the costs going forward to REPAIRS total $4,200 after a full year of repairs and maintenance work.

9. RESERVES Lenders require reserves be set aside to address future capital costs associated with any property as it ages. The projected operations include reserves of $250 per unit, or $3,000 total.

34 HFO INVESTMENT REAL ESTATE 35 36 HFO INVESTMENT REAL ESTATE OFFER TERMS

ANKENY NEST 12 Units • Portland, Oregon QUESTIONS & TOUR REQUESTS: OFFER TERMS All inquiries, questions, or tour requests are to be directed to HFO Investment Real Estate at ASSET SUMMARY (503) 241.5541.

Property Ankeny Nest Please do not disturb the residents. Location 2441 SE Ankeny Street Jack Stephens • [email protected] City, State Portland, Oregon 97214 Lee Fehrenbacher • [email protected] County Multnomah Greg Frick • [email protected] Adam Smith • [email protected] Year Built 2014 Todd Tully • [email protected] Total Units 12 Khari Gates • [email protected] Approximate Sq Ft 8,969 Rand Hoffman • [email protected] Average Unit Sq Ft 747 HFO Investment Real Estate 2424 SE 11th Avenue Portland, Oregon 97214 PRICING www.hfore.com (503) 241.5541 Price $4,750,000 Fax: (503) 241.5548 Per Unit $395,833 Brokers licensed in the States of Oregon and Washington. Per Sq Ft $530 Projected Cap Rate 4.20%

2424 SE 11th Avenue • Portland, OR 97214 www.hfore.com • Phone: (503) 241.5541

38 HFO INVESTMENT REAL ESTATE ANKENY NEST • 12 UNITS • PORTLAND, OR 39 HFO Investment Real Estate Passion • Collaboration • Specialization

2424 SE 11th Avenue • Portland, OR 97214 www.hfore.com • 503.241.5541