RENOVATED ASSET WITH UPSIDE EXECUTED FLAWLESSLY

TERWILLIGER TERRACE

PROPERTY OVERVIEW
Terwilliger Terrace is a well-maintained, 36-unit apartment community located in Southwest Portland with exceptional proximity to OHSU and key transportation corridors. Originally built in 1980, the property comprises thirty-five (35) one-bedroom units and one (1) two-bedroom unit, averaging 750–900 square feet. Fifteen units feature working fireplaces, and all units enjoy private patios or balconies in a quiet, wooded setting.

CLIENT STRATEGY
The seller, having acquired the asset in 2019, committed to a comprehensive capital improvement plan over multiple years. Exterior renovations included 30-year Malarkey roofs, HardiePlank siding, upgraded sheathing, window trim, gutters, lattices, awnings, and LED exterior lighting. Interior improvements ranged from LVT flooring and carpet to refinished cabinetry and fresh paint. Crucially, all 36 units received new electrical panels in 2021—an uncommon and valuable upgrade in this vintage.

MARKET POSITIONING
Despite the heavy lifting being complete, the property still offered significant upside for a buyer to drive NOI through improved operational efficiency, interior unit modernization, and rent growth. The existing assumable loan at 4.015% fixed interest added further appeal, particularly for qualified investors seeking cost-effective financing in a volatile rate environment.

RESULT
The Christensen Group launched a focused marketing campaign highlighting the rare blend of turnkey renovations, assumable financing, and value-add upside. In just 30 days on market, we secured a qualified buyer who recognized the long-term performance potential in this low-supply Southwest Portland submarket. The transaction closed at $6,050,000—reflecting the premium placed on quality improvements and strategic execution.

TERWILLIGER TERRACE – PORTLAND, OREGON

Selling Price: $6,050,000

Year Built: 1980

Units: 36

Cap Rate: 5.17%

Square Footage: 27,150