• Well Constructed in 1998
  • Performing Asset with
  • Stable Occupancy
  • Year-Over-Year NOI Growth of
  • 6.71% from 2009 to 2010
  • Easy Access to Highways 20 and 97
  • Great Proximity to Area Amenities

825 Watt Way
Bend, OR 97701

  • Status: Closed
  • # of Units: 121
  • Rentable SF: 104,016
  • Year Built: 1998
  • # of Buildings: 11
  • Lot Size: 5.95 Acres
  • Density: 20.3 Units / Acre
  • # of Stories: 2
  • Parking: 266 Spaces
  • Parking Ratio: 2.2 Spaces / Unit
  • Description:

    • Cedarwest Apartments is a 121-unit affordable housing community located in Bend, OR. The property is ideally located off of Highway 20 and less than ten minutes from Highway 97. Within walking distance to the Forum Shopping Center, the property‚Äôs convenient location provides residents with easy access to Old Navy, Costco, Safeway, Whole Foods, and a variety of restaurants. These attributes have helped Cedarwest keep up its occupancy and experience strong NOI growth from YE 2009 to YE 2010. Overall, the asset provides an excellent opportunity for an investor to acquire a well-maintained property which is positioned nicely to provide stable cash flow as the local economy continues to improve.

      Cedarwest was built in 1998 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than income limits which are provided by Oregon Housing and Community Services (OHCS). Please see the Tax Credit Property Income and Rent Limits page in the Financial Analysis section for further details. The qualified purchaser can be a nonprofit or for-profit entity that agrees to maintain the affordable housing units and to fulfill all requirements of an existing regulatory agreement.

      Residents benefit from a multitude of common area amenities including a spacious club house with fitness center, garages, cedar sauna, basketball court, playground, access to public transportation, and onsite laundry facility. Unit amenities include full appliance package with dishwasher, washer/dryer hookups, extra storage, air conditioning, and private patio/balcony.