Boulder Creek was acquired as part of a 14-property multi-state portfolio. The property is located in the rapidly growing Wilsonville submarket, with a burgeoning tech center expanding with major employers including Xerox, Tegrant, Prologis and Martem Lazerquick. The city benefits from its proximity to Portland via the I-5 and Salem, the capital of Oregon. TruAmerica intends to reposition Boulder Creek among new construction by modernizing the apartment interiors and significantly investing in common area amenity upgrades to the tune of $4 million. With exceptional submarket rent growth and renter demand for high-quality product, sizable rent premiums and outsized NOI growth is achievable.
The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.
Just one mile from I-5 and five miles from I-205, Boulder Creek offers spacious one-, two-, and three- bedroom apartment homes in Wilsonville, Oregon. The property is located within the Westside Express Service and the SMART Bus service lines for easy access to Portland, Woodburn and Salem.
- Cardio fitness center
- Indoor spa
- Garage and covered parking
- Pet-friendly units
- Private swimming pool with sundeck