Greentree Apartments | Call for pricing

67 Units | 6405 NE Hazel Dell Ave, Vancouver, Washington 98665

  • Interior renovations Tied to Measurable Rent Deltas: Targeted upgrades—LVP flooring, appliance packages, cabinet fronts/hardware, lighting/plumbing trims, paint—can move Greentree closer to competitive pre-1989 peers while remaining materially below post-1990 and new stock.

  • In-Unit Laundry Where Feasible (2BR focus): If existing hook-ups are verified, adding stacked W/Ds in 2BRs typically supports outsized premiums and reduces turnover; where not feasible, offer rentable W/Ds or enhanced laundry facilities to capture ancillary income.

  • Activate the Common Area: Convert the underutilized open space into a fitness + lounge + outdoor social node. Amenity activation supports rent premiums on larger plans, improves leasing optics, and creates a differentiated experience versus un-amenitized vintage peers.

  • Professional Management & Marketing: Medford continues to attract population growth driven by its affordability, healthcare employment base, and desirable lifestyle. Investors benefit from a lower cost basis and higher cap rates relative to more urbanized metros, without sacrificing long-term demand fundamentals.

  • Expense Discipline & CapEx Sequencing: With roofs and decks addressed, sequence interiors and amenities first to accelerate NOI growth; follow with curb appeal (landscape, signage, paint) to sustain pricing power.

Value-Creations Levers

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Greentree Apartments is a classic value-add in a submarket with durable demand drivers, limited

near-term supply, and clear rent displacement relative to like-kind vintage. With an average unit size of ~800 SF, versatile floor plans from studios through 4-bedrooms, and a large, underutilized common area, the asset is primed for an interior/amenity reposition that captures meaningful rent premiums while remaining competitively priced against nearby pre-1989 properties. Year-built vintage (1968) and recent exterior work (new roof membranes; repaired/replaced decks) de-risk major systems and allow capital to be focused on rent-producing upgrades. 

Market context—Clark County strength, Hazel Dell stability. Clark County continues to benefit from steady in-migration and cross-river employment access, with West Hazel Dell offering neighborhood conveniences and immediate I-5 connectivity to Downtown Vancouver and the Portland CBD.

Submarket vacancy is tracking in the ~7% range—supportive of absorption and rent growth without over-building pressures seen in urban cores. Notably, only one project (≈198 units) is under construction locally with delivery targeted for late 2026, underscoring a constrained near-term pipeline.

Operations & rent positioning—material upside to peers. In-place rents at Greentree average $892/month ($0.86/SF)—well below proximate, pre-1989 comps. Nearby older assets are achieving ~$1,250–$1,500+ per month depending on plan type (e.g., The Groove ’71, Rolling Creek ’73, Hazel Dell Ridge ’86, Rosewood ’87), with two- and three-bedroom premiums extending higher. This sustained delta validates a straightforward path to lift revenue via unit renovations, professional management, and modernized amenities while staying inside an attainable workforce band. 

Favorable unit mix & livability. Greentree’s mix (studios, 1BR, 2BR, 3BR, and select 4BR layouts) addresses a broad renter profile—from singles to larger households—while the average 800 SF provides livable space that is increasingly scarce in newer, smaller-format stock. Historical accounts indicate washer/dryer hook-ups may exist in 2BR homes (to be verified), offering a low-friction avenue to introduce in-unit laundry—one of the highest-ROI, resident-valued upgrades in suburban product.

Connectivity & demand drivers. Immediate access to Interstate 5 provides short commutes to Downtown Vancouver and the Portland CBD, expanding the renter draw while preserving suburban convenience. Proximity to daily-needs retail, services, and schools further supports retention and reduces frictional vacancy. 

Physical plant & recent capital. Built in 1968, the community benefits from recent exterior work: tear-off roof replacements with new membranes and deck repairs/replacements (per ownership). With major surfaces addressed, investors can prioritize interiors and amenities to monetize the rent gap rather than backfilling deferred items.