Bridge 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 Bridge Creek among new construction by modernizing the apartment interiors and significantly investing in common area amenity upgrades to the tune of $6.6 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.
Located on 27 acres, Bridge Creek offers wooded views of Wilsonville, OR. The property is located just one mile from I-5 and five miles from I-205, providing easy access to Portland, Salem, and the Westside Express Service Commuter Train Park and Ride.
- 24-hour cardio fitness center
- Garage and covered parking
- Pet-friendly units available
- Swimming pool and spa
- Professional onsite management