|Project Level IRR||14%||29%|
|Project Level EM||1.76x||1.68x|
|Hold Period||5 Years||2 Years|
Portland, OR is consistently ranked in the top 10 cities for population growth and has had a historically robust economy providing steady job growth. Beaverton, a submarket of Portland, has strong demographics, proven rent growth, close proximity to Nike and other major employers, and excellent schools.
Summit at Hyland Park consists of one-, two- and three-bedroom units with luxury vinyl plank and carpet flooring, quartz countertops, stainless steel appliances, in-unit washers and dryers, walk-in closets, a wood-burning fireplace and a private balcony or patio. Community amenities include a community clubhouse, a dog park, a pool and spa, a fitness center, a business center and a barbeque area.
DB Capital planned minor renovations at the property, including updating the exterior, common areas, and unit interiors that was consistent with other renovated assets in the area. Through these strategic renovations we saw an opportunity to raise rents over 13%. Our aggressive terms allowed us to win the deal at a time when the seller was looking for a surety of closer rather than just the highest price. We recently sold the property and secured a 29% IRR and a 1.68x equity multiple over a 3 year hold.