Property Description

Rare opportunity to acquire a newly constructed 18 unit multifamily development in the sought after Rose City Park neighborhood of NE Portland, delivered as a cohesive rental community with a diversified unit mix and immediate lease up potential. Designed and developed by a renowned local boutique builder known for efficient use of space, attention to detail, extensive built in features, and integrated lighting. The portfolio includes an eight home detached cottage cluster and ten attached townhouse style residences, offering a rare blend of density, privacy, and durability. All homes are completed, vacant, and ready for lease up. The unit mix is tenant focused, featuring two and three bedroom residences with two and a half bathrooms throughout, efficient layouts, and separation between living and sleeping areas. Two homes within the cottage cluster also feature a main floor fourth bedroom or office space, expanding renter flexibility. Each bedroom includes crown molding with integrated built in lighting, while main living levels include built in features that add durability beyond typical rental construction. Detached cottages command a rental premium due to increased spacing and enhanced landscaping, while attached townhomes offer private entries, fenced outdoor spaces, and end unit configurations that support tenant retention. The Rose City Park location adds strong tenant appeal, with nearby access to Rose City Park, Normandale Park, Rose City Golf Course, the Hollywood District, Beaumont Village, NE Sandy dining and coffee, grocery options, transit, and I 84 connections. Residences include high performance windows and efficient heat pump heating and cooling to reduce operating costs. With a projected 5.69% cap rate at stabilization, this portfolio outperforms typical townhome rentals through its detached cottage premium, interior detailing, private outdoor spaces, location strength, and new construction efficiency.