- Rehabbed in 2000
- Attractive Price per Unit
- Below Replacement Cost
- Debt Must Be Assumed; Fully Amortizing Loan Not Due
Until April 15, 2031
- Adjacent to Beautiful Pier Park and All of its Amenities
- Good Unit Mix of 1BD, 2BD and 3BD Floorplans
8870 North Columbia
Portland, OR 97203
Ridgecrest Timbers is a 97-unit apartment community located in Portland, Oregon. This asset presents an opportunity to purchase a performing property in the North Portland neighborhood of St. Johns. Ideally located, the property is adjacent to Pier Park and the beautiful evergreen forest. Residents have access to Pier Park amenities such as baseball fields, basketball courts, soccer fields, disc golf courses, plenty of walking/hiking trails, a concrete skate park, and refreshing Pier Pool. In addition to the lush setting, the property is less than 5 miles from Interstate 5 and less than 30 minutes to Jantzen Beach Supercenter and Vancouver.
Ridgecrest Timbers was rehabbed and placed into service in 2000 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 m ore 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.
The existing loan must be assumed. A note payable to OHCS is secured by the investment in real estate. As of January 31, 2013, the approximate loan balance is $3,104,182. The current interest rate is 6.20% with an annual debt service of $284,484 and will remain fixed until the loan is due April 15, 2031. Please see the Financial Analysis section for further details.
Residents benefit from a multitude of amenities including garages, on-site laundry rooms, large common area, playground, picnic area, bus lines for Trimet and local schools, ample parking, and leasing office. Unit amenities include full appliance packages, private patios/ balconies, ceiling fans, and high-speed internet access. The owner pays water, sewer, and garbage expenses.