Township was acquired as part of a multi-state portfolio and is located in Canby, OR, nearby Wilsonville. The submarket shares common ground with Wilsonville in that residents can easily commute to work in Downtown Portland, Salem, or within the thriving employment center in Wilsonville. The property is also a lifestyle choice for tenants, allowing them to live in a less urban area than alternatives closer to CBD Portland while still being close to employment. The average household income within a 3 mile radius is in excess of $75,000, with an expected population growth of 4.6% by 2020.
TruAmerica will implement interior renovations to kitchen finishes and flooring in order to collect solid rental premiums while improved property management will allow for loss-to-lease capture.
The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.
The Township is a garden-style apartment community in the heart of Canby, Oregon. The property is situated along one of Canby’s most well-established neighborhoods located directly off of Township Road. With large courtyards and lush landscaped grounds, The Township is tucked away in a quaint country town while still retaining the convenience of being only minutes away from Oregon City and Wilsonville.
- Fitness center
- Covered parking
- Lush landscaping
- Large courtyards