WESTBROOK APARTMENTS 48 Units • Beaverton, Oregon OFFERING MEMORANDUM INVESTMENT SUMMARY Westbrook Apartments is a well-located 48- room. There is laundry available on site, and unit apartment community in Beaverton, some units include a washer/dryer. Residents PROPERTY HIGHLIGHTS Oregon. The asset is a block from the Tualatin can rent garages. Select units have been • More than $2 million in exterior Hills Nature Park and a mile from the Elmonica/ updated with new kitchen cabinetry, faux- SW 170th Avenue MAX Station and transit wood vinyl flooring, and new lighting. improvements center. The Nike world headquarters campus • Generous floor plans is approximately two miles away. Westbrook More than two million dollars has been spent • Numerous exterior updates on improvements at Westbrook Apartments Apartments’ exceptional location and balanced • On-site laundry unit mix of two- and three-bedroom apartments including an envelope replacement (roofs, creates an attractive investment opportunity. siding, windows, decks, and doors), seal coat • Garages for rent and interior updates. • Private deck or patio with each unit Westbrook’s apartments are spacious, • Walk-in closets averaging 975 sq ft. Each two- and three- Westbrook Apartments’ current rents average bedroom apartment has a walk-in closet and a $1,188 per unit or $1.22 per sq ft. New leases • Updated interiors deck or patio that is an extension of the living signed in 2018 averaged $1,198 per unit. 2 HFO INVESTMENT REAL ESTATE EXECUTIVE SUMMARY ASSET SUMMARY Property Westbrook Apartments Location 17135 SW Heritage Court 1 2 1 2 Bedrooms City, State Beaverton, Oregon 97006 31 units County Washington 25.0% Total Units 48 3 Bedrooms 2 3 Bedrooms Year Built 1969 75.0% 12 units Stories 2 stories 2 Bedrooms Approx. NR Sq Ft 46,800 Average Sq Ft 975 Acreage 1.69 Density 28.42 units per acre PRICE SUMMARY TOURS AND INQUIRIES Price $8,150,000 Rob Marton • [email protected] Price Per Unit $169,792 Greg Frick • [email protected] Per Square Foot $174 Cap Rate (Scheduled Rents) 5.38% 2424 SE 11th Avenue, Portland, Oregon 97214 www.hfore.com • (503) 241.5541 • Fax: (503) 241.5548 Please do not disturb tenants. WESTBROOK APARTMENTS • 48 UNITS • BEAVERTON, OREGON 3 4 HFO INVESTMENT REAL ESTATE WESTBROOK APARTMENTS • 48 UNITS • BEAVERTON, OREGON 5 6 HFO INVESTMENT REAL ESTATE WESTBROOK APARTMENTS • 48 UNITS • BEAVERTON, OREGON 7 8 HFO INVESTMENT REAL ESTATE WESTBROOK APARTMENTS • 48 UNITS • BEAVERTON, OREGON 9 LOCATION WASHINGTON VANCOUVER 18.9 miles (30 min.) COLUMBIA RIVER Portland International Airport Forest Park 99E 23.9 miles (38 min.) 26 OREGON PORTLAND HILLSBORO 10.7 miles (20 min.) 6.0 miles (13 min.) 213 26 GRESHAM 8 32.8 miles (47 min.) BEAVERTON 10 Westbrook Apartments 217 210 TIGARD 224 8.1 miles (20 min.) LAKE OSWEGO 212 219 10.5 miles (21 min.) CLACKAMAS 21.7 miles (38 min.) 10 HFO INVESTMENT REAL ESTATE LIFESTYLE CONVENIENCES AND EMPLOYERS Hillsboro Airport Cornelius Pass Rd Pass Cornelius Tanasbourne Town Center Orenco Station Employee Store 185th Ave Cornell Rd Brookwood Pkwy Brookwood Walker Rd Sunset HILLSBORO High School 26 Baseline Rd Providence St Vincent Medical Center 67th Ave Westbrook Apartments Cedar Hills Crossing Hillsboro High School BEAVERTON 8 Tualatin Hills River Rd Nature Park Rosedale Elementary Farmington St Beaverton School Aloha BEAVERTON Town Square High 170th Ave Beaverton School High School Murray Blvd Murray 217 SW Hall Blvd Red Tail Golf Center 10 Washington Square Southridge High School WESTBROOK APARTMENTS • 48 UNITS • BEAVERTON, OREGON 11 BEAVERTON SUBMARKET OVERVIEW The City of Beaverton (pop. 97,514) is a major economic hub in the Portland metro area, along with being Portland’s second-largest suburb and the fifth-largest city in Oregon. Over the past two decades, Beaverton has attracted numerous high-tech businesses, and is one of Oregon’s fastest-developing areas. Between 2010 and 2018, the city’s population increased by 8.6%. For those looking for job prospects, few 300 high-tech businesses who have made their by Multifamily NW. Housing options in cities are likely to offer more opportunities home in what is called the “Silicon Forest.” As an Beaverton include many apartment complexes than Beaverton, which is a 15-20 minute increasing number of high skilled workers are and urban-core condominiums near shops drive from downtown Portland. In 2015 and drawn to the area, Beaverton rents have been and MAX light-rail stations. Whether they are 2016, employment in Beaverton increased increasing, and are forecast to continue this drawn to Beaverton for the schools, shopping by 8.3%, faster than in all but a few dozen trend at a healthy pace. As of November 2018, or the outdoors, individuals and families will other U.S. cities. The national job growth rate Beaverton’s unemployment rate was 3.4%, find a wide range of opportunities to fit their over the same period was 3.5%. 24/7 Wall below Oregon’s statewide average of 3.9%. needs. With its stable, sustainable economy, Street ranked Beaverton #1 on its list of Best Beaverton remains attractive and poised for Places to Live for 2018 for the above average Nike is currently undergoing a major future growth. health of its residents and for the city’s many expansion rumored to cost approximately employment opportunities. $1 billion. It plans to open the last—and largest—of four new buildings in 2019. • 2018 All-America City Finalist Beaverton is a large, robust community that Nearby Intel recently completed their R4 • 2018 Best Place to Live for 2018 (24/7 Wall Street) is home to major companies such as Nike Inc. Building, a seven-story structure on its Ronler and Columbia Sportswear. Several high-tech Acres complex in Hillsboro. • Best Places to Live (Money Magazine) 2016, 2017 employers including Intel and Genentech are located along the Highway 26/Sunset Corridor, Like the Portland metro area, Beaverton has which includes nearby Hillsboro. The growing experienced historically low vacancies, with a tech hub west of Portland includes more than October 2018 vacancy rate of 3.5% reported 12 HFO INVESTMENT REAL ESTATE MAJOR RETAILERS Shopping in Beaverton is a great way to burn off those inevitable calories racked up while enjoying the city’s outstanding food and drink. Here is a quick tour of some of Washington County’s prime shopping destinations a short distance from Westbrook Apartments: CEDAR HILLS CROSSING STREETS OF TANASBOURNE TANASBOURNE TOWN CENTER WASHINGTON SQUARE MALL (.6 miles from Westbrook Apartments) (5.4 miles from Westbrook Apartments) (5.5 Miles from Westbrook Apartments) (5.2 miles from Westbrook Apartments) Cedar Hills Crossing, at 3205 Streets of Tanasbourne, at Tanasbourne Town Center, Washington Square Mall, at 9585 SW Cedar Hills Boulevard, is a 19350 NW Emma Way in Hillsboro, at Sunset Highway (US 26) and SW Washington Square Road, is sprawling retail complex featuring evokes the feeling of a classic NW 185th Avenue, is a regional anchored by Macy’s, Nordstrom Powell’s Books, McMenamins American downtown, with 55 shopping hub with nearly 570,000 and JCPenney department Pub, New Seasons Market, Sports stores, restaurants and services in square feet of retail. Its location stores. It also includes retailers Authority and Crafts Warehouse. a friendly, open-air environment. at the intersection of Highway 26 such as Abercrombie & Fitch, The Retailers include REI, Bath & and NW 185th make Tanasbourne Apple Store and Dick’s Sporting Body Works, Zumiez, Macy’s and Town Center one of the busiest Goods. The two-story mall is Banana Republic. retail centers in the Portland among Portland’s most popular metro area. National retailers can shopping centers. be found throughout the center including Target, Nordstrom Rack, ULTA and Trader Joe’s. WESTBROOK APARTMENTS • 48 UNITS • BEAVERTON, OREGON 13 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.