Pine View Apartments and Storage

Apartment

Chuck Brazer

Storage

Chuck Brazer

Chuck Brazer

Chuck Brazer

Property Description

For sale are the Pine View Apartments and storage facility along with seven (7) additional and contiguous lots zoned mixed use commercial (allows for additional storage or MF) This offering represents a one of a kind opportunity in one of the fastest growing, developer friendly new markets in central Oregon. As Bend and Sunriver markets are typically seen as the core high demand market areas in central Oregon, La Pine is positioned to be the next area of growth while offering similar local attractions, amenities and services at more attractive pricing relative to Bend La Pine is already experiencing a surge in growth by local single family developers evidenced by recent nearby developments in the Newberry Development zone (see Location Description for more information)

The Pine View Apartments and storage facility were completed in summer 2022 The apartments comprise of 36 total units across two 18 unit buildings situated on 59 acres The storage facility is comprised of 115 total units over three single level all steel buildings and situated on 87 acres Ample off and on street parking is available (40+ spaces including handicap parking). The apartment unit mix includes 24 1bd/1ba units at approximately 506 square feet and 12 2bd/2ba units at approximately 850 square feet The storage facility includes 42 10x10 units, 25 10x15 units and 48 10x20 units

Lease up on the apartments commenced in June of 2022 and current occupancy is just under 80%. The property is professionally managed and the majority of tenants are on 12 mo leases with remaining tenants on 6 mo leases Management has been meticulous in screening qualified tenants for initial lease up The storage buildings still require some pad work which is expected to be complete and final CO obtained early November, 2022

Units at Pine View are well appointed with stainless steel appliances, full size Washer/Dryer units (installed), quartz countertops, tile back splashes, luxury vinyl plank flooring throughout, walk in closets, tub/shower bathrooms, open kitchen plans with breakfast bar and all 3rd floor units have vaulted ceilings with additional windows Units also have covered entryway and private balconies and patios The storage buildings are a Mako Steel product on slab with roll up doors and adjustable partition system which allows a variation of unit mix dependent on market need.

Pine View is a two building, three story, fully sprinklered property over crawl space foundation All units are individually metered for electricity and each building master metered for water Roofing is an angle sloped “Skillion” style roofing system with composition shingle Windows are double paned vinyl and all lap, tile and shake siding elements are cement fiber product Exterior stairs are floating concrete and steel, and balconies are 2x8 framed.

Chuck Brazer

The Pine View Apartments & Storage are located at 52755 52773 Drafter Road in La Pine, OR The property resides just off of Highway 97 allowing residents easy accessibility to nearby amenities. At just 16 miles from Sunriver and 31 miles from Bend, residents have a short commute to all Central Oregon has to offer, including being less than 40 miles from world class recreation on Mt Bachelor

About La Pine, Oregon La Pine is growing community of 18,000 in the surrounding area with affordable living and all that Central Oregon has to offer in outdoor recreation. The community is close to lakes, reservoirs, rivers, and landmarks (including the Newberry Volcanic Monument and Crater Lake) for plenty of outdoor recreational activities such as hiking, fishing, boating, and other sports

Annual events keep the population active year round in the community. La Pine is home to the La Pine Rodeo and Mutton Bustin' Event, Frontier Days, Newberry Event Music and Arts Festival, Coop & Garden, La Pine Christmas Bazaar, Trucker's Light Paradise and more. Coupled with the resort community of Sunriver, a mere17 miles away, the two are magnets of southern Deschutes County

Businesses draw form the 160,000 residents in the surrounding county and the city offers incentives for locating your commercial venture within La Pine

Business Incentives

La Pine offers easy permitting, affordable land that is buildable with minimal obstructions and state qualified Rural Enterprise Zone, that provides for up to 15 year property tax relief for qualifying businesses.

La Pine parallels U.S. Hwy 97 running from Northern California to the Canadian border From 2015 to 2020, the Oregon Department of Transportation (ODOT), is investing millions in roadway and landscaping improvements while the city is expanding urban renewal projects to uplift area amenities

Running approximately parallel to La Pine are energy transmission lines from the Bonneville Power Administration (BPA) and Cascade Natural Gas Burlington Northern Railroad runs nearby. Source: https://edcoinfo.com/

Recent Development

Recent Transaction

La Pine has been seeing a recent boom in residential development due to high land supply and increased demand for more affordable central Oregon housing outside of Bend La Pine offers an abundance of amenities and location attractions similar to nearby Sunriver and Bend without the Sunriver and Bend prices

With just under 400 acres of residential zoned land available for development within the Newberry Planning Area, 466 new single family homes are slated for development as of July, 2022. This represents an increase of over 2,000% from 2021 The shift to remote work post COVID and the desire for central Oregon activities at more affordable pricing than Bend is the main driver of this growth. Helping support this growth is the recent $36 million in loans and grants from the Department of Agriculture for septic and water system improvements.

The Pine View Apartments and Storage are one of the first developments of its kind and are extremely well positioned to take full advantage of La Pine's recent growth spurt

Chuck Brazer

Apartment Financial Summary

Chuck Brazer

Apartment

Summary

Chuck Brazer

Storage Financial Summary (Proforma)

Chuck Brazer

Pricing Summary

PINE VIEW APARTMENTS

Price $9,000,000

Current Cap 5.29% Units 36 Price/Unit $250,000

PINE VIEW STORAGE

Price $1,700,000

Proforma Cap 6.53% Units 115 Price/Unit $14,783

LAND (ZONED MU)

Price $350,000

Lots 7 Total Acres 1.73

Price/Square Foot $4.64/SF

TOTAL PRICING $11,050,000

Chuck Brazer

Comp

RENT COMPS

Average 1bd/1ba $2.57/SF

Average 2bd/2ba $2.06/SF

Subject 1bd/1ba $2.69/SF Subject 2bd/2ba $2.07/SF

APARTMENT SALES COMPS

Per Unit Sales Average $277,296 Subject $258,333

Per Square Foot Sales Average $328.49 Subject $416.22

Cap Rate Sales Average 4.80% Subject 5.29%

STORAGE SALES COMPS

Per Unit Sales Average $19,286 Subject $14,783

Per Square Foot Sales Average $96.87 Subject $227.38

Cap Rate Sales Average 5.91% Subject 6.53%

Chuck Brazer

Demographics

Chuck Brazer

Broker

Chuck Brazer

Licensed in Oregon

SCOPE OF RESPONSIBILITIES

Chuck Brazer joins NAI Cascade with 18 years of multi family sales real estate experience in Oregon with several national investment sales firms. Chuck was drawn to commercial real estate in college as an on site property manager for several multi family properties on the University of Oregon campus. His studies in architecture, business and economics gives him a unique perspective of the integration of physical asset and asset management.

BACKGROUND & EXPERIENCE

Prior to joining NAI Cascade, Chuck spent the previous 11 years at a boutique commercial firm in Portland Throughout his tenure, he has closed more than $270 million in multifamily property transactions. He relocated to Central Oregon at the end of 2020, seeking the Bend lifestyle He continues to grow his book of business and provide exceptional service to existing and new clients throughout Oregon.

Chuck Brazer