Two Outstanding Apartment Development Projects Now Available For Joint Venture Located in the nearby Portland suburbs of Fairview and Wood Village The following companies are among the prominent industries also calling the area home: Troutdale Fairview Wood Village Gresham Presented by First West Realty, Inc.
Prime Real Estate Acquisitions The Properties Each of the parcels are ideally located less than one minute each from the Fairview and Wood Village I- 84 interchanges. Downtown Portland is 20 to 30 minutes away via I-84. Portland s International Airport is about 10-15 minutes travel time, and the Troutdale Airport is less than 10 minutes away. Columbia River Chinook Landing Marine Park Blue Lake Regional Park Blue Lake Regional Park and the Columbia River Chinook Landing recreation area are 5 minutes from the subject properties. to Downtown Portland and Portland Int l Airport Troutdale Airport The parcels are at the entrance to the Columbia River Gorge Recreational Area. Sandy Blvd site Wood Village site
Prime Real Estate Acquisitions The Properties 20922 NE Sandy Blvd, Fairview, Oregon Owner: Size: Type: Fairway Properties 1, LLC, 34,063 square foot Corridor Commercial Project: Slated for development into 48 apartment units along with about 800 square feet of offices. Entitlements approved. 2075 NE 240th Ave, Wood Village, Oregon Owner: Size: Type: Project: Prime Realty Investors, LLC 33,128 square foot tract Neighborhood Commercial Will be developed to include 61 apartments and about 1,044 square feet of office/retail. Land-use approval anticipated January/February, 2019.
20922 NE Sandy Blvd, Fairview, Oregon
2075 NE 240th Ave, Wood Village, Oregon
Amazing Area Real Estate Activity Demographics Amazon has completed its $178 million dollar distribution center, located at the Troutdale Airport. Amazon s project announcement noted that it will create 1,500 new full-time jobs, now said to become 2,500. FedEx recently added a $35M sorting facility, and acquired 38 adjacent acres to its Troutdale Airport facility. Pending developments at nearby Townsend Farms Industrial Park, and very large expansions of industrial and office facilities at the nearby Gresham Vista Business Park, will continue to push apartment rental demands well in excess of local available supply. Latest market data reports a 2.9% vacancy rate in the Fairview, Wood Village, Troutdale area the lowest vacancy rate in the entire Portland Metropolitan area.
First West Realty Projects Investment Strategy Our investment model is quite simple: to provide an excellent rate of return secured by prime commercial real estate. 1. The investor s return is typically 3-6 timesthat of CD rates. 2. The investors funds are secured by ownership in the properties, purchased well below market values. Investors income is derived from net cash flow along with profits upon sale. 3. Investments are for 2-4 years. Upon sale or refinancing, the first cash is paid to the investors toward the repayment of investor funds, then pro-rata profits are shared with Developer. Past FWR partnership: Rivertide Suites Condo Hotel in Seaside, Oregon Slated for development: 85 River Run Apartments in Seaside, Oregon
Previous Developments Examples of Les & Ellen s previous Oregon real estate developments Past co-developers and partners of the 70 unit Rivertide Suites Condo Hotel in Seaside, Oregon Past co-developers, partners, and property managers of Seaview Condominiums, a luxury 10 unit ocean-front condominium development in Seaside 1 2 3 Partners and managers of River Run which is currently a retail and storage facility in Seaside. Plans call for the 1.75 acre site to be developed into about 85 apartments
Previous Developments Rivertide Suites Condo Hotel, a 70 unit upscale condominium hotel in Seaside, Oregon Rivertide Suites Condo Hotel
Previous Developments Rivertide Suites Condo Hotel. Interior Photos Rivertide Suites Reception Rivertide Lounge Space Rivertide Breakfast Area
Previous Developments Seaview Condominiums, a luxury 10 unit ocean-front condominium development in Seaside, Oregon Seaview Condominiums
Previous Developments Seaview Condominiums. Typical unit and recreation room photos Typical Seaview Unit Kitchen Living room Seaview Recreation Room
Forthcoming Development River Run Condominiums, to be developed into about 85 apartments in Seaside, Oregon River Run Future Apartment project rendering
Previous Developments River Run Condominiums, to be developed into about 85 apartments in Seaside, Oregon River Run Apartment rendering: view from Necanicum River
Land Purchase, JV, or Turn-key Options Land Purchase The Developer will consider selling the two properties, with entitlements, for $28,500 per unit land cost. The properties will either be sold together or separately. Joint Venture or Turn-Key Options A joint venture is another option an Investor might consider with the Developer. Investor to own 60% of the project(s), and Developer 40%. The third option is for the Developer to deliver completed project(s) to Investor. Detailed income/expense projections are available upon request.
Timeline Status All preliminary architectural, engineering, various studies, etc. have been completed and the land use application approved by the City of Fairview for the Fairview Villas Apartment project. The Vista View Apartment property is currently being readied for the land-use application and design review from Wood Village. Approval should be received by January/February, 2019. Both projects are zoned commercial and our proposed mixed uses are permitted under the respective zonings. Construction for both projects is estimated to begin by the 2 nd quarter of 2019, and fully leased in about 6-9 months.
LLC Managing Members Les Bick Les Bick is First West Realty s President and Principal Broker, and has been in real estate brokerage, investment, and development since 1966. His real estate endeavors include hotels, apartments, office buildings, mobile home parks, self-storage, land, and multi-use properties. Memberships have included the National Association of Realtors, Portland Metropolitan Association of Realtors, Oregon Association of Realtors, Clatsop Association of Realtors, Portland Commercial Association of Realtors, Commercial Association of Brokers, and the NW Real Estate Investors Association. Les is also a member of several other commercial brokerage networks. He has extensive experience in commercial development and property management. He actively participates in both Fairview and Wood Village as one of the Fairview Planning Commissioners, and as a member of the Halsey Community Collaborative Executive Committee, a joint community development committee among the cities of Fairview, Wood Village, and Troutdale. Ellen Bick Ellen Bick has been a real investor and broker for the past 24 years, with experience in new construction, investment and residential real estate acquisitions and sales. One of her personal strengths is to see the big picture, to orchestrate a complicated transaction, and to work well with the many people involved. Ellen has attained an advanced college degree in education and three advanced real estate designations. She is a member of the National Association of Realtors, the Oregon Association of Realtors, and the Portland Metropolitan Association of Realtors. Les graduated from the University of Minnesota, and has advanced real estate coursework in investing, development, management, appraising, and defining emerging markets.
Contacting Les Bick Once you have had a chance to review this information, please contact Les for additional details and to review the complete spreadsheets for these high-yield, ideally located, first class real estate investments. First West Realty, Inc.: Les & Ellen Bick 3561 NE 215th Court Fairview, Oregon 97024 503-328-6282 Bus.# 503-489-5690 Fax.# firstwestcos@comcast.net Notice: This is not a public offering, but an informational guide from the Managing Members of Prime Realty Investors, LLC and Fairway Properties 1, LLC.