TERRACE VIEW APARTMENTS
TERRACE VIEW APARTMENTS
  • Rehabbed in 1997
  • Attractive Price Per Unit
  • Strong Historical Occupancy
  • Debt Must Be Assumed
  • Located Within Minutes of Interstate 5
  • Good Unit Mix of 1BD, 2BD, and 3BD Floorplans
  • Recent Capital Improvements

6685 SW Sagert Street
Tualatin, OR 97062

  • Status: Closed
  • Price: $5,250,000
  • # of Units: 100
  • Rentable SF: 88,056
  • Price per Unit: $52,500
  • Price per SF: $59.62
  • Year Built: 1977 / Rehabbed 1997
  • # of Buildings: 10
  • Lot Size: 5.96 Acres
  • Density: 16.8 Units / Acre
  • # of Stories: 2 & 3
  • Parking: 180 Spaces
  • Parking Ratio: 1.8 Spaces / Unit
  • Description:

    • Terrace View is a 100-unit apartment community located in Tualatin (Portland MSA), Oregon. This asset presents an opportunity to purchase a performing property strategically located close to local schools, Meridian Park Hospital, Legacy Medical Center, and Atfalati Park. Interstate 5 is less than a mile away and residents benefit from close proximity to the Nyberg Woods shopping center, Fred Meyer, and local restaurants.

      Terrace View was rehabbed and placed into service in 1997 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 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.

      A new note payable was obtained in 2008 from ARCS in the amount of $4,320,000 which bears interest at 5.36% per annum. Monthly principal and interest payments are fixed for ten years. The loan is due February 1, 2017, and monthly payments are based on a 30-year amortization schedule. Current loan must be assumed. As of October 31, 2012, the approximate loan balance is $4,028,732. Please see the Financing page in the Financial Analysis section for further details.
      Over the past 18 months there have been a significant number of repairs and maintenance. All buildings just received brand new 30-year composition roofs, asphalt repair and sealcoat parking lot including re-striping, resurfaced tennis court, repairs and improvements to the spa / sauna area, gutter and chimney cleaning, concrete repair and replacement for patios on all units, 1,100 feet of fence replaced, all siding with any troubles has been cleaned or replaced, among many other repairs, maintenance, and upgrades. For more specific information on all of the recent work that has been done, please contact us for further details.

      Residents benefit from a multitude of amenities including laundry rooms in every building, ample parking, landscaped areas, a pool & hot tub, and leasing office with computer room. Unit amenities include ceiling fans, dishwashers, full appliance package, and air conditioning. The owner pays water, sewer, and garbage expenses.

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