NORTHSHORE APARTMENTS

NORTHSHORE APARTMENTS 25 Units - Lake Oswego, Oregon OFFERING MEMORANDUM

CONFIDENTIAL AND DISCLAIMER Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials, nor any information contained herein, is to be used for any other purpose or made available to any other person without the express written consent of Seller. The enclosed materials are being provided solely to facilitate the Prospective Purchaser s own due diligence, for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal, or other, documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither Agent nor Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein, or any other written or oral communication or information transmitted, or made available, or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections, and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at its sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property, and/or to terminate discussions with any entity at any time, with or without notice. This Offering Memorandum is made subject to omissions, correction of errors, change of price or other terms, prior to sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/ or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered and approved by Seller, and any conditions to Seller s obligations thereunder have been satisfied or waived. By taking possession of, and reviewing, the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence, and shall be returned to Agent or Seller promptly upon request; (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of Seller or Agent and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent. If you have no interest in the Property at this time, please destroy or return this Offering Memorandum immediately to: HFO Investment Real Estate Attention: Cody Hagerman 2424 SE 11th Ave, Portland, OR 97214 503.241.5541 Build your legacy is a service mark of HFO Investment Real Estate.

OFFERING MEMORANDUM NORTHSHORE APARTMENTS 50 Northshore Road Lake Oswego, Oregon TABLE OF CONTENTS Executive Summary 5 Location 11 Comparables & Analysis 19 Offer Terms 29 HFO INVESTMENT REAL ESTATE Jack Stephens jack@hfore.com (971) 717.6344 Greg Frick greg@hfore.com (971) 717.6332 www.hfore.com 503.241.5541 Licensed in the states of Oregon and Washington.

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY The Northshore Apartments offers the incredible opportunity to acquire a property in the heart of Lake Oswego, just steps away from the lake, with tremendous upside potential. Lake Oswego is one of the wealthiest demographics in the state of Oregon and apartment investment opportunities are very limited for potential buyers. The property has been very well maintained over the years, but rents could be significantly increased with in-unit upgrades and professional management. With downtown Lake Oswego being less than a five minute walk away and a brand new Whole 365 across the street, this location and opportunity are truly unbeatable. PROPERTY HIGHLIGHTS Strong unit mix of studios, one bedrooms and townhome style units On-site laundry room Private landscaped outdoor area Less than one block from the shores of Lake Oswego Off street parking and garages Across the street from Whole Foods 365, Starbucks, 9Round Fitness, Subway, laughing planet and Ace Hardware ASSET SUMMARY Property Address PRICING Price $4,300,000 Per Unit $172,000 Per Sq Ft $294 Actual Cap Rate 4.91% Projected Cap Rate 5.70% TAX INFORMATION 50 Northshore Road Lake Oswego, Oregon 97034 County Clackamas Total Units 25 Year Built 1951 Stories 2 stories plus basement Approximate Sq Ft 14,619 Average Unit Sq Ft 585 Acres 0.65 Tax ID 00256859 FOR MORE INFORMATION Jack Stephens jack@hfore.com Greg Frick greg@hfore.com 2424 SE 11th Avenue, Portland, Oregon 97214 www.hfore.com (503) 241.5541 Fax: (503) 241.5548 6 HFO INVESTMENT REAL ESTATE Broker licensed in Oregon.

DOWNTOWN PORTLAND WILLAMETTE RIVER 43 DOWNTOWN LAKE OSWEGO LAKEWOOD BAY NORTHSHORE APARTMENTS 43

DESIRABLE UNIT MIX Northshore Apartments consists of 16 studio, 6 one-bed, one-bath flats, 1 twobed, one and a half-bath townhome, and 2 three-bed, one and a half-bath townhomes. The property also has numerous garages available for rent.

LOCATION

THE CITY OF ROSES Word of Portland s impressive livability is spreading across the country. Its mild temperatures, stunning natural surroundings and its growing craft food and beverage scene, among other attractions, are calling many. Portland, for these people, is the Oregon city of choice. The Portland apartment market is viewed, regionally and nationally, as a strong market for the placement of investment capital. The city s reputation as one of the nation s top moving destination four years running (2013-2016) in United Van Lines annual National Movers Study assures a continued renter demand. Portland attracts an educated, active, environmentally conscious and creative community of people who stand behind the city s impressive variety and sustainability practices. You can have a decadent burger here just don t forget to compost the leftovers! People who live in Greater Portland embrace its natural beauty and the opportunity to try new things in a city that s open to all walks of life. And, speaking of walking, Portland was made for foot traffic. With more than 150 miles of regional trails, and mixed-use neighborhoods with amenities close-by, it s a great city to explore without a car. The area offers a strong, far-reaching public transit system including the MAX light-rail lines making an automobile seem not so necessary. Portlanders are cyclists, too. Most residents live within a quarter mile of a bike lane, neighborhood greenway, or multi-use path. Whether commuting to work or running everyday errands, many Portland residents make biking part of their daily routine. Artists and artisans make their homes here and help maintain Portland s quirky vibe while offering unique, hand-crafted goods and services. Large and small employers across a wide range of industries provide jobs and economic stability making Portland one of the most appealing cities in the nation. Today, more people are moving to Oregon than anywhere else in the U.S., and the greater Portland area is at the heart of this mass migration. 12 HFO INVESTMENT REAL ESTATE

LAKE OSWEGO Lake Oswego has come a long way from its beginnings as home to the Metro area s iron ore and lumber industries. Incorporated in 1910, the city is now considered among the most desirable suburbs in the metro Portland area. It is among the area s more affluent neighborhoods. Its population of 37,300 has access to over 600 acres of parks and natural areas within the city including its namesake lake. Lake Oswego s main boulevard, A Avenue, offers an abundance of lifestyle services and retail conveniences. Among them are Oswego Village, an 86,000 SF shopping center anchored by Albertson s grocery and True Value Hardware. Lake Place Shopping Center features Petco, U.S. Bank and many small specialty retailers and service businesses. Lake View Village, the area s newest shopping center, offers regional and nation-wide luxury retailers and restaurants, including the culinary store Sur La Table and Pendleton Apparel. This mixed-use retail center, on the shores of Oswego Lake, is a center for community activity. The downtown area has a city hall, fire station, post office, performing arts center, art gallery, public library and a farmer s market held on Saturdays, May through October, in Millennium Park. Among the city s many parks and green spaces are Oswego Lake, a 415-acre private lake. It contains public waterfront parks, including a swimming area accessible from the Lake View Village shopping center. Other Lake Oswego parks include: 658-acre Tryon Creek State Natural Park, which features an old-growth forest with hiking and biking trails, and horse paths. Iron Mountain City Park (49-acre natural wetlands area with soft surface trails and wildlife viewing). Foothills Park, which offers nine acres of views and a summer concert amphitheater along the Willamette River. NORTHSHORE APARTMENTS LAKE OSWEGO, OR 13

LOCATION MT HOOD DOWNTOWN PORTLAND WILLAMETTE RIVER 43 DOWNTOWN LAKE OSWEGO NORTHSHORE APARTMENTS LAKEWOOD BAY 43 OSWEGO LAKE OSWEGO LAKE 14 HFO INVESTMENT REAL ESTATE

LIFESTYLE CONVENIENCES Nettle Creek Tryon Creek State Natural Area Tryon Creek Country Club Rd Forest Hills Elementary School 10th St 9th St 8th St 7th St 6th St 5th St LAKE OSWEGO C Ave 4th St 3th St 2nd St Lake Oswego Public Library 1st St 43 A Ave B Ave Iron Mountain Blvd Evergreen Rd City of Lake Oswego LAKEWOOD BAY NORTHSHORE APARTMENTS Lake View Village Millennium Plaza City Park Lake Twin Cinema Foothills Park Lake Oswego WILLAMETTE RIVER OSWEGO LAKE LAKEWOOD Lakewood Center for the Arts NORTHSHORE APARTMENTS LAKE OSWEGO, OR 15

EMPLOYMENT EMPLOYMENT Attracted by Portland s educated workforce and favorable low cost of doing business, high-tech companies continue to open major branches and relocate to the area. Companies which recently opened major branches in Portland include: Airbnb, Google, Squarespace, Mozilla, Simple, Survey Monkey, SalesForce and New Relic, Inc. Portland s tech startup companies includes: Viewpoint, Jama Software, Thetus, Urban Airship, Acquia, Elemental Technologies, Act-On, Puppet Labs, The Clymb and Jive Software. MAJOR EMPLOYERS - # of Employees Intel - 18,500 Providence Health Systems - 16,139 Oregon Health Sciences University - 14,963 Nike - 8,500 Daimler Trucks - 2,800 Adidas - 1,200 10 8 UNEMPLOYMENT RATE ANNUAL: PORTLAND/VANCOUVER METRO AND U.S. (January 2011 - January 2017) 10.0% 9.1% 8.7% 8.3% 8.4% 8.0% Portland US Percentage 6 5 4 6.8% 6.6% 5.8% 5.7% 4.8% 4.9% 4.9% 4.8% 2 0 2011 (Jan) 2012 (Jan) 2013 (Jan) 2014 (Jan) 2015 (Jan) 2016 (Jan) 2017 (Jan) 16 HFO INVESTMENT REAL ESTATE Source: Multifamily NW Apartment Report

PORTLAND MARKET DEMAND GENERATORS The following market conditions have made Portland one of the strongest multifamily markets in the nation for several years: The Metro Area s vacancy rate has consistently ranked among the nation s lowest. Multifamily NW s Spring 2017 Report cited average vacancy for NW Portland to be 2.03%. The same report states overall rent growth for the Portland Metro Area Spring 2016-Spring 2017 was 7.85%; 2016 s rent growth was 13%. Significant in-migration continues: After three consecutive years in the #1 spot, Oregon was the #2 most popular destination for people moving within the United States in 2016. The inventory of for-sale housing was less than two months throughout 2015 and 2016. VACANCY Portland is consistently ranked at the top of best cities lists. Portland International Airport has been voted the Nation s Best four years running. In 2016 the London Telegraph named Portland the Food and Drink Capital of America and the International Traveler called Portland the USA s Coolest City. With reviews like that, it s easy to understand why the area s population continues to increase by 80 people each day. Companies continue to relocate to Portland, and area employment is on the rise. A variety of employment opportunities are found throughout close-in Portland. Major institutions include hospitals (OHSU, Legacy Hospital, the Portland VA Medical Center and Providence); the federal, state, city and county governments; Portland Public Schools, Portland State University, major banks, grocery store chains, retailers and hotels. Close-in Portland is packed with technology companies and start-ups. Many large and small employers like Vestas, Microsoft, and others have established offices in brand-new, or recently redeveloped, buildings in the Pearl. RENTS/SQ FT 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0% 7.67% 2004 2.87% 4.02% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (Mar.) Source: Multifamily NW Apartment Report $1.60 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 $0.90 $0.80 $0.86 2008 2010 2012 2014 Source: Multifamily NW Apartment Report $1.47 $1.51 2015 2016 2017 (Mar.) NORTHSHORE APARTMENTS LAKE OSWEGO, OR 17

COMPARABLES & ANALYSIS

COMPARABLE SALES 1 2 3 GEORGIA MANOR 10 E Avenue Lake Oswego, OR Total Units: 6 Year Built: 1958 Avg Unit Size: 833 Sale Date: On Market Sales Price: $1,450,000 $ / Unit: $241,667 $ / Sq Ft: $290 Cap Rate: 4.70% UPTOWN AT LAKE OSWEGO 295 3rd Street Lake Oswego, OR Total Units: 12 Year Built: 1955 Avg Unit Size: 771 Sale Date: 6/9/2017 Sales Price: $10,100,000 $ / Unit: $214,894 $ / Sq Ft: $279 Cap Rate: 4.87% KRUSE VILLA 15730 SW Bangy Road Lake Oswego, OR Total Units: 20 Year Built: 1994 Avg Unit Size: 805 Sale Date: 5/10/2017 Sales Price: $3,800,000 $ / Unit: $190,000 $ / Sq Ft: $236 20 HFO INVESTMENT REAL ESTATE

COMPARABLE SALES 4 5 6 OSWEGO OAKS 1405-1427 SW Laurel Street Lake Oswego, OR Total Units: 12 Year Built: 1985 Avg Unit Size: 1,021 Sale Date: 5/1/2017 Sales Price: $1,975,000 $ / Unit: $164,583 $ / Sq Ft: $161 Cap Rate: 5.31% THE VILLAGER APARTMENTS 586 2nd Street Lake Oswego, OR Total Units: 14 Year Built: 1961 Avg Unit Size: 882 Sale Date: 10/14/2016 Sales Price: $3,055,000 $ / Unit: $218,214 $ / Sq Ft: $247 Cap Rate: 5.20% OSWEGAN APARTMENTS 199 E Avenue Lake Oswego, OR Total Units: 47 Year Built: 1966 Avg Unit Size: 799 Sale Date: 8/18/2016 Sales Price: $9,000,000 $ / Unit: $191,489 $ / Sq Ft: $240 Cap Rate: 5.05% NORTHSHORE APARTMENTS LAKE OSWEGO, OR 21

RENT COMPARABLES SW Terwilliger Blvd Jefferson Pkwy McNary Pkwy Kruse Way Kerr Pkwy Country Club Rd Iron Mountain Rd SOFI AT LAKE OSWEGO A Ave UPTOWN AT LAKE OSWEGO 2 3 43 1 THE OSWEGAN N State St Willamette River SE River Rd NORTHSHORE APARTMENTS S Boones Ferry Rd Oswego Lake South Shore Blvd McVey Ave 5 OSWEGO OAKS 43 4 OSWEGO GARDENS Stafford Rd 22 HFO INVESTMENT REAL ESTATE

RENT COMPARABLES S 1 NORTHSHORE APARTMENTS 50 Northshore Rd, Lake Oswego, OR Total Units: 25 Avg Sq Ft: 585 Year Built: 1951 Avg Rent: $986 Avg Rent/Sq Ft: $1.69 THE OSWEGAN 199 E Ave, Lake Oswego, OR Total Units: 47 Avg Sq Ft: 788 Year Built: 1966 Avg Rent: $1,716 Avg Rent/Sq Ft: $2.18 Unit type Units Sq Ft Rent Rent/Sq Ft Studio 16 347 $860 $2.47 1 Bedroom / 1 Bathroom 6 685 $1,075 $1.57 2 Bedroom / 1.5 Bathroom 1 1,650 $1,525 $0.92 3 Bedroom / 1.5 Bath-room 2 1,650 $1,453 $0.88 Average 25 585 $986 $1.69 Unit type Units Sq Ft Rent Rent/Sq Ft 1 Bedroom / 1 Bathroom 24 685 $1,550 $2.26 2 Bedroom / 1 Bathroom 23 895 $1,890 $2.11 Average 47 788 $1,716 $2.18 NORTHSHORE APARTMENTS LAKE OSWEGO, OR 23

RENT COMPARABLES 2 3 UPTOWN AT LAKE OSWEGO 295 3rd St, Lake Oswego, OR Total Units: 47 Avg Sq Ft: 773 Year Built: 1955 Avg Rent: $1,339 Avg Rent/Sq Ft: $1.73 SOFI AT LAKE OSWEGO 15000 SW Davis Ln, Lake Oswego, OR Total Units: 82 Avg Sq Ft: 873 Year Built: 1989 Avg Rent: $1,538 Avg Rent/Sq Ft: $1.76 Unit type Units Sq Ft Rent Rent/Sq Ft Studio 5 400 $1,090 $2.73 1 Bedroom / 1 Bathroom 6 700 $1,237 $1.77 1 Bedroom / 1 Bathroom 24 800 $1,333 $1.67 2 Bedroom / 1 Bath-room 12 910 $1,506 $1.66 Average 47 773 $1,339 $1.73 Unit type Units Sq Ft Rent Rent/Sq Ft 1 Bedroom / 1 Bathroom 22 690 $1,337 $1.94 2 Bedroom /21 Bathroom 60 940 $1,612 $1.71 Average 82 873 $1,538 $1.76 24 HFO INVESTMENT REAL ESTATE

RENT COMPARABLES 4 5 OSWEGO GARDENS 5380 Lakeview Blvd, Lake Oswego, OR Total Units: 21 Avg Sq Ft: 871 Year Built: 1996 Avg Rent: $1,404 Avg Rent/Sq Ft: $1.61 OSWEGO OAKS 1405-1427 SW Laurel St, Lake Oswego, OR Total Units: 12 Avg Sq Ft: 1,021 Year Built: 1985 Avg Rent: $1,645 Avg Rent/Sq Ft: $1.61 Unit type Units Sq Ft Rent Rent/Sq Ft 1 Bedroom / 1 Bathroom 11 753 $1,340 $1.78 2 Bedroom / 1 Bathroom 10 1,000 $1,475 $1.48 Unit type Units Sq Ft Rent Rent/Sq Ft 1 Bedroom / 1.5 Bathroom 6 930 $1,595 $1.72 2 Bedroom / 1.5 Bathroom 6 1,112 $1,695 $1.52 Average 21 871 $1,404 $1.61 Average 12 1021 $1,645 $1.61 NORTHSHORE APARTMENTS LAKE OSWEGO, OR 25

RENT ROLL ANALYSIS RENT ROLL ANALYSIS AS OF 06/2017 Average Unit Type Unit Count Square Feet Scheduled Rent Average Scheduled Rent per Sq Ft Projected Rents Average Projected Rent per Sq Ft 0 Bedroom / 1 Bathroom 2 270 $850 $3.15 $875 $3.24 0 Bedroom / 1 Bathroom 4 300 $858 $2.86 $900 $3.00 0 Bedroom / 1 Bathroom 1 320 $740 $2.31 $925 $2.89 0 Bedroom / 1 Bathroom 1 350 $870 $2.49 $950 $2.71 0 Bedroom / 1 Bathroom 3 370 $853 $2.31 $960 $2.59 0 Bedroom / 1 Bathroom 3 400 $900 $2.25 $975 $2.44 0 Bedroom / 1 Bathroom 1 405 $910 $2.25 $975 $2.41 0 Bedroom / 1 Bathroom 1 434 $845 $1.95 $1,000 $2.30 1 Bedroom / 1 Bathroom 1 450 $1,000 $2.22 $1,025 $2.28 1 Bedroom / 1 Bathroom 1 660 $1,050 $1.59 $1,150 $1.74 1 Bedroom / 1 Bathroom 4 750 $1,100 $1.47 $1,250 $1.67 2 Bedroom / 1.5 Bathroom 1 1,650 $1,525 $0.92 $1,800 $1.09 3 Bedroom / 1.5 Bathroom 2 1,650 $1,453 $0.88 $1,925 $1.17 Totals / Averages 25 585 $986 $1.69 $1,113 $1.90 26 HFO INVESTMENT REAL ESTATE

PROJECTED OPERATIONS # Units Avg Sq Ft Rents as of 06/2017 Avg Rent per Sq Ft Projected Rents Avg Projected Rent per Sq Ft 25 585 $986 $1.69 $1,113 $1.90 Income Rents as of 06/2017 Per Unit % GOI Projected Operations Per Unit % GOI Scheduled Gross Rent $295,660 $11,826 $333,960 $13,358 Less: Vacancy/Credit Loss -$8,870 -$355-3.0% -$10,019 -$401-3.0% Net Rental Income $286,790 $11,472 $323,941 $12,958 Plus: Laundry $2,000 $80 $2,000 $80 Plus: Parking (Garage) $16,620 $665 $16,620 $665 Plus: Solar $600 $24 $600 $24 Incld: Utility Billing (RUBs) $18,300 $732 49.5% $18,300 $732 49.5% Plus: Miscellaneous $1,000 $40 $1,000 $40 Other Income $38,520 $1,541 11.8% $38,520 $1,541 10.6% Gross Operating Income $325,310 $13,012 $362,461 $14,498 Expenses Projected Operations Per Unit % GOI Projected Operations Per Unit % GOI Real Estate Taxes $19,241 $770 5.9% $19,241 $770 5.3% Insurance $4,791 $192 1.5% $4,791 $192 1.3% Total Utilities $36,996 $1,480 11.4% $36,996 $1,480 10.2% Fee Management $26,025 $1,041 8.0% $28,997 $1,160 8.0% Landscaping $4,020 $161 1.2% $4,020 $161 1.1% Maintenance/Repairs $11,875 $475 3.7% $11,875 $475 3.3% Turnover $5,060 $202 1.6% $5,060 $202 1.4% Capital Reserves $6,250 $250 1.9% $6,250 $250 1.7% Total Expenses -$114,258 -$4,570-35% -$117,230 -$4,689-32% Net Operating Income (NOI) $211,053 $8,442 65% $245,232 $9,809 68% NORTHSHORE APARTMENTS LAKE OSWEGO, OR 27

OPERATIONS ANALYSIS Northshore Apartments is evaluated using projected rents and operations, as summarized in the adjacent pro forma. INCOME Scheduled rents for the units average $986 per unit, or $1.69 per square foot. Based on current market trends, projected rents are set at an average of $1,051 per unit, or $1.80 per square foot. VACANCY/CREDIT LOSS, BAD DEBT AND CONCESSIONS OTHER INCOME For underwriting purposes, Northshore Apartments is analyzed using a 5.0% vacancy rate based on lender underwriting requirements. Given the strength of the housing market and low vacancy rates throughout the entire Portland metro area, vacancy factors for underwriting purposes include concessions and bad debt. Northshore Apartments currently collects an additional $37,520 per year, with $18,300 collected through resident utility billing and $16,620 collected through parking and storage. These values have been mirrored in the projected operations. EXPENSES Northshore Apartments operating expenses assume the property will be managed by a professional third-party management company. There are changes in the assumed cost of operations resulting in projected operations expenses of $4,878 unit. The projected expenses represent standard operating expenses at similarly sized properties. PROPERTY TAXES Property taxes reflect 2016/17 gross property taxes, per the Clackamas County assessors office. Oregon s property taxes are evaluated on a fiscal year starting July 1st. Property taxes paid in full prior to November 1st receive a 3.0% discount. Most property owners take advantage of this discount, and the pro forma property taxes have been adjusted for the discount. INSURANCE Projected operations reflect the current premium of $4,791 annually, or $192 per unit. MANAGEMENT The management fee assumes professional, third-party management at a rate of 10.0% of GOI. MAINTENANCE/REPAIR Maintenance and repair costs, and turnover costs, have been projected at $11,875 per year and $5,060 per year respectively. 28 HFO INVESTMENT REAL ESTATE

OFFER TERMS

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NORTHSHORE APARTMENTS PRICING Price $4,300,000 Per Unit $172,000 Per Square Foot $294 Actual Cap Rate 4.91% Projected Cap Rate 5.70% Avg Square Foot 585 Avg Rent $986 Avg Rent per Sq Ft $1.69 Tours and Inquiries Please do not disturb tenants. All tours and inquiries regarding Northshore Apartments are to be directed to HFO Investment Real Estate at (503) 241.5541 Jack Stephens jack@hfore.com Greg Frick greg@hfore.com Tyson Cross tyson@hfore.com Lee Fehrenbacher lee@hfore.com Todd Tully todd@hfore.com Cody Vaz cvaz@hfore.com 2424 SE 11th Ave Portland, OR 97214 www.hfore.com Phone: (503) 241.5541 Fax: (503) 241.5581 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Parties who receive this information from unauthorized parties shall not be recognized. 2017 HFO Investment Real Estate LLC. Build your legacy is a service mark of HFO Investment Real Estate. Licensed in the states of Oregon and Washington. NORTHSHORE APARTMENTS LAKE OSWEGO, OR 31

Investment Real Estate Passion Collaboration Specialization 2424 SE 11th Ave Portland, OR 97214 www.hfore.com (503) 241.5541