Investment Overview

The Investment Sales Team of IPA has been retained as the Exclusive Listing Brokers for the sale of Mountain Meadows, a 164-unit multifamily community located in Troutdale, Oregon. Built in 1994, the property has been held by the same self-managing private ownership group since 2005, and is being marketed for the first time in 20 years.

With an average unit size of ±1,035 square feet, Mountain Meadows is mostly comprised of two- and three-bedroom homes that cater to families who desire more space. The property features 100% classic interior finishes presenting an incoming investor with a rare opportunity for a blank slate value-add renovation program. The competitive set demonstrates the demand for luxury finishes in the submarket, where similar floor plans are achieving net rental rates more than $250/mo. over current in-place rents at Mountain Meadows.

Situated near the entrance of the Columbia River Gorge, but also just 15 minutes of Portland International Airport, residents can escape into nature while also enjoying easy accessibility. Furthermore, the Troutdale / Gresham area has experienced notable growth within the high-tech manufacturing and logistics industries, including an $800M Microchip campus expansion aided by the recent CHIPS Act funding.

Given the consistently strong operating history, and proven value-add upside compared to the competitive set, Mountain Meadows is ideally positioned for a new buyer to capitalize on significant rental upside in the future.

Blank Slate Value-Add Opportunity

Built in 1994, Mountain Meadows features 100% classic interior finishes with achieved rents approximately $250 ($0.30/SF) below nearby renovated comparables.

Nearby Growing Employment Drivers

Microchip Technology and ON Semiconductor are among several growing advanced manufacturing companies in the region that have benefited from hundreds of millions in CHIPs Act funding.

Spacious Floor Plans & Layouts

With an average unit size of ±1,035 square feet, floor plans at Mountain Meadows are nearly 20% larger than the typical competitor within a 3-mile radius. Two-bedroom (56%) and three-bedroom (29%) floor plans make up a large majority of the unit mix.

Favorable Submarket Fundamentals

The Troutdale / Gresham submarket has experienced a shortage of new apartment supply which has led to average annual rent growth of 5.9% over the last decade.