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Shady Glen is a low-density, garden-style apartment property located in southeast Portland near the Powell Boulevard transit corridor. The property features both one- and two-story floorplans, a portion of which are one-story duplex buildings. The property had minimal updates including some windows and roof replacement. The property offers off-street parking, storage, and common-area laundry.
Shady Glen was a family-owned property, built by the family that manages it, and has never been on the market. The sellers were looking to exit this multifamily property. The property was owner-managed that resulted in a high number of long-term tenants with in-place rents significantly trailing the market. Shady Glen had a considerable upside in rents, other income (RUBs), and management. HFO positioned the property as a value-add opportunity with a close-in Portland location. Through our extensive network of Investors, we were able to find a purchaser who had the ability to fund and close escrow even with the challenges of the low rents and limited historical operations.
See all our current listings at https://www.hfore.com.
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