Lewis & Clark Apartments

LEWIS & CLARK APARTMENTS – EUGENE, OR

Selling Price: $6,500,000
Year Built: 1967 & 1969
Total Units: 40 Units
Price Per Unit: $162,500

CLIENT SUCCESS STORY – STRATEGIC EXCHANGE CREATES VALUE FOR BOTH PARTIES

CLIENT GOAL
The seller had acquired Lewis & Clark Apartments in 2023 as part of a 1031 exchange facilitated by The Christensen Group, following the sale of an industrial asset. After executing exterior improvements and upgrading select units, the seller sought to reposition their portfolio by exchanging into a multifamily property closer to Portland while capturing gains from their hold period.

CHALLENGE
While the Lewis & Clark Apartments benefited from a premier location adjacent to the University of Oregon and had undergone extensive exterior renovations—including a new roof, exterior paint, and landscaping—many units remained in classic condition, and rents were still 16.5% below market. The buyer pool needed to see through the current financials and understand the operational and physical upside.

ACTION
The Christensen Group crafted a focused marketing campaign that highlighted the property's location in the desirable South University neighborhood, strong fundamentals, and potential for significant income growth. Of the 40 units, 12 had been fully renovated, 2 lightly upgraded, and 26 remained in classic condition—creating a clear path for value creation. We targeted both syndicators and exchange buyers actively seeking Oregon-based opportunities.

RESULT
We successfully closed the property at $6,500,000 to a buyer completing their first 1031 exchange and their first apartment acquisition in Oregon. Representing both buyer and seller, The Christensen Group navigated a seamless transaction that satisfied each party’s goals: the seller re-entered the market closer to Portland, while the buyer secured a well-located, value-add asset with significant upside in a supply-constrained university market. This transaction exemplifies our ability to guide clients through the full exchange cycle—from acquisition to strategic resale.