GREENBRIAR APARTMENTS
GREENBRIAR APARTMENTS
  • Rehabbed in 1999
  • Attractive Price Per Unit
  • Below Replacement Cost
  • Located on Pacific Highway 99E and Miniutes to I-5 or I-205
  • Assumable Debt
  • Good Unit Mix of 2BD, and Townhouse Floorplans
  • Recent Capital Improvements

250 South Locust Street
Canby, OR 97013

  • Status: Closed
  • Price: CONTACT AGENT
  • # of Units: 86
  • Rentable SF: 80,275
  • Year Built: 1972 / 1974 / Rehabbed 1999
  • # of Buildings: 13
  • Lot Size: 4.82 Acres
  • Density: 18 Units / Acre
  • # of Stories: 2
  • Parking: 181 Spaces
  • Parking Ratio: 2.1 Spaces / Unit
  • Description:

    • Greenbriar is an 86-unit apartment community located in Canby, Oregon. This asset presents an opportunity to purchase a performing property strategically located on Pacific Highway 99E. Interstate 5 and Interstate 205 are within minutes, as well. Nicely landscaped, the property offers comfortable, affordable living and convenience to area amenities such as the free area transit line, shopping, and restaurants. Walkscore.com rates Greenbriar as "Very Walkable" with a Walk Score of 88 out of 100.

      Greenbriar was rehabbed and placed into service in 1999 under the Section 42 Low-Income Housing Tax Credit program (LIHTC). 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 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.

      The existing loan must be assumed. Originally, OHCS issued Multifamily Housing Revenue Bonds, 1999 Series B and loaned a portion of the proceeds to the original partnership with substantially the same terms. The note payable to OHCS is secured by the investment in real estate.

      Additionally, as of October 31, 2012, the approximate loan balance is $2,973,244 . Also, OHCS reduced the original interest rate by 65bps. Current interest rate is 5.35% and will remain fixed until the loan is due Oct 15, 2029. Please see the financing page in the Financial Analysis section for further details.

      Recently there has been a number of improvements to Greenbriar Apartments including roof replacement, siding and materials, asphalt and sidewalks, building lighting, and resurfacing and restriping parking areas.

      Residents benefit from a multitude of amenities including on-site laundry rooms, playground, leasing office, and swimming pool. Unit amenities include full appliance packages, baseboard heaters, washer/ dryer hookups in select units, and private patios/balconies.

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