VILLAGE GARDEN APARTMENTS
VILLAGE GARDEN APARTMENTS
  • Rehabbed in 1999
  • Attractive Price Per Unit
  • Below Replacement Cost
  • Located on Highway 30 / NE Sandy Boulevard within
    Minutes to I-84
  • Assumable Debt
  • Good Unit Mix of 1BD, 2BD, and 3BD Floorplans
  • Recent Capital Improvements

15200-15298 NE Sandy Blvd
Portland, OR 97230

  • Status: Closed
  • Price: $2,260,000
  • # of Units: 59
  • Rentable SF: 41,982
  • Price per Unit: $38,305
  • Price per SF: $53.83
  • Year Built: 1977 / 1999
  • # of Buildings: 6
  • Lot Size: 2.47 Acres
  • Density: 24 Units / Acre
  • # of Stories: 3
  • Parking: 88 Spaces
  • Parking Ratio: 1.5 Spaces / Unit
  • Description:

    • Village Garden is a 59-unit apartment community located in Portland, Oregon. This asset presents an opportunity to purchase a performing property located along Highway 30/NE Sandy Boulevard and within minutes to Interstate 84. The property is conveniently located and adjacent to the beautiful Wilkes City Park.

      Village Garden 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 & 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 debt must be assumed. As of October 31, 2012 the loan amount is $1,616,496. Please see the OHCS Risk Sharing Bond Program Disclosure page in the Financial Analysis section for further details.

      Recently there has been a number of improvements to Village Garden 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, ample parking, children’s playground, swimming pool, direct access to beautiful Wilkes City Park, basketball court, and leasing office with business services. Unit amenities include high-speed internet access, ceiling fans, walk-in closets, private patios/ balconies, full appliance package, and extra storage. The owner pays water, sewer, and garbage expenses.

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