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OFFERING MEMOR ANDUM30 Units • Portland, Oregon

58 FOSTER

2

Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials, nor any information contained herein, is to be used for any other purpose or made available to any other person without the express written consent of Seller.

The enclosed materials are being provided solely to facilitate the Prospective Purchaser‘s own due diligence, for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal, or other, documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither Agent nor Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein, or any other written or oral communication or information transmitted, or made available, or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections, and conclusions without reliance upon the material contained herein.

Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at its sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property, and/or to terminate discussions with any entity at any time, with or without notice. This Offering Memorandum is made subject to omissions, correction of errors, change of price or other terms, prior to sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller.

Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered and approved by Seller, and any conditions to Seller‘s obligations thereunder have been satisfied or waived.

By taking possession of, and reviewing, the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence, and shall be returned to Agent or Seller promptly upon request; (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of Seller or Agent and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent.

If you have no interest in the Property at this time, please destroy or return this Offering Memorandum immediately to:

HFO Investment Real Estate 2424 SE 11th Ave, Portland, OR 97214 503.241.5541

Build your legacy is a service mark of HFO Investment Real Estate.

CONFIDENTIAL AND DISCLAIMER

OFFERING MEMORANDUM

5811 SE Boise Street • Portland, Oregon

58 FOSTER

HFO INVESTMENT REAL ESTATE

Greg [email protected](971) 717.6332

Jack [email protected](971) 717.6344

www.hfore.com • 503.241.5541

Licensed in the states of Oregon and Washington.

TABLE OF CONTENTSExecutive Summary 5

Location 13

Operations Analysis 19

Offer Terms 22

INVESTMENT SUMMARY58 Foster is a new construction apartment building located in the desirable Foster/Powell neighborhood of SE Portland. The property was completed in 2017 and was quickly leased up. The desirable unit mix of studio and one-bedroom apartments along with its proximity to the Portland city core attracted a strong tenant demographic and will lead to a consistent occupancy rate moving forward.

58 Foster offers tenants an efficient average unit size of 490 square feet that includes all the modern finishes and features that are important to residents. These amenities include air conditioning, LVT flooring, in-unit washers and dryers, and stainless steel appliances. Residents have access to secured, covered bike parking and a convenient location along Boise

Street less than a block from Foster Road. Foster Road is a primary arterial in southeast Portland that connects neighborhoods to downtown Portland via SE Powell Boulevard and to Clackamas via Interstate 205.

58 Foster is advantageously located in Portland—one of the most solid apartment markets in the nation with more than 2,400 people moving to the area each month. Unemployment is at a historical low of 3.7%, and the demand for housing is high. Portland is adding college graduates to the working population twice as fast as major cities like Los Angeles. Downtown Portland’s major high-tech employers include Viewpoint, New Relic, Puppet Labs, Smarsh, Jama Software and Urban Airship.

4 HFO INVESTMENT REAL ESTATE

INVESTMENT HIGHLIGHTS • New construction

• Attractive unit mix

• Secured, covered bike parking

• In-unit washer/dryer

• Modern finishes and color schemes

• Air-conditioned apartments

• Large windows with bright interiors

EXECUTIVE SUMMARYASSET SUMMARYProperty 58 Foster

Location 5811 SE Boise Street

City, State Portland, Oregon 97206

County Multnomah

Total Units 30

Year Built 2017

Total NR Square Feet 14,704

Average Unit Size 490 sq ft

Gross Building Square Feet 16,478

Lot Size 0.20 acres

Stories 3

OFFERING SUMMARYPrice $5,675,000

Price per Unit $189,167

Price per Sq Ft $344

Cap Rate (Scheduled Rents) 5.29%

Cap Rate (Projected Operations) 5.56%

TOURS AND INQUIRIES Please do not disturb tenants.

All tours and inquiries regarding 58 Foster are to be directed to HFO Investment Real Estate at (503) 241.5541.

Jack Stephens • [email protected]

Greg Frick • [email protected]

Tyson Cross • [email protected]

Lee Fehrenbacher • [email protected]

Todd Tully • [email protected]

Adam Smith • [email protected]

Khari Gates • [email protected]

Brokers licensed in Oregon and Washington.

558 FOSTER • 30 UNITS • PORTLAND, OREGON

58 Foster’s apartments offer residents stylish living and convenience.

In-unit washer and dryer

Modern finishes and stainless-steel appliances

Large windows and air conditioning


Select floor plans at 58 Foster’ have open kitchens with breakfast bars

Floor plans are well designed with open living areas

Covered, secured bike storage on the ground floor


ASSET OVERVIEWCONSTRUCTION SUMMARY

Year Built 2017

No. Of Buildings 1

Stories 3

Construction Type Wood frame

Foundation On-grade concrete

Exterior Walls HardiePlank

Laundry Service In-unit

HVAC PTAC

SITE SUMMARY

City Portland

County Multnomah

Jurisdiction City of Portland

Tax Lot Number R224551

Zoning Commercial Employment - CE (MU-C)

The CE zone is a medium-scale zone intended for sites along corridors in areas between designated centers, especially along Civic Corridors that are also major truck streets. The emphasis of this zone is on commercial and employment uses. Buildings are generally expected to be up to four stories.

40%Studios

60%1 Bedrooms

Current Rent Studio One Bedrooms

$975 1

$994 1

$995 1

$1,011 1

$1,036 1

$1,050 1

$1,075 2

$1,095 1

$1,120 1

$1,125 2

$1,154 2

$1,177 1

$1,200 1

$1,225 2

$1,250 5

$1,275 3

$1,300 2

Total * 12 16

*Occupied units only.


SE 52nd Ave SE 72nd Ave

SE Holgate Blvd

SE Harold St

SE Steele St SE Foster Rd

1. Pho Hung2. Taco Bell3. Taqueria Los Gorditos4. Burger King5. Siri Thai6. U.S. Postal Service7. Speed Boat Coffee8. Subway9. Little Caesars Pizza10. Carts on Foster11. Trap12. Foster Burger13. An Xuyen Bakery14. New Day Center for the Arts15. George Morlan Plumbing Supply

SE 92nd Ave

205

213

16. Foster Fitness Center17. Po’ Boy Art18. Foster Buds19. Nayar Taqueria20. FoPo Tarven21. Tambayan22. Y Arts / SE Center YMCA23. Assembly Brewing24. 7-Eleven25. Foster Market26. Round Table Pizza27. Laurelwood Park28. SEIU29. K & B Bakery30. The Garden Spout

31. N.W.I.P.A32. Henry Higgins Boiled Bagels33. Bar Carlo34. Starday Tavern35. Off The Griddle36. Euroclassic Furniture37. Dutch Bros38. Garden Home Montessori School39. Dollar Tree40. Everyday Food Mart41. Envirocars42. Maple Leaf43. Adelas44. Portland Mercado45. FoPo Food Carts

46. Mt Scott Community Center47. WorkSource Portland Metro48. McDonald’s49. Popeyes Louisiana Kitchen50. K-Town Korean BBQ51. Wells Fargo Bank52. Big 5 Sporting Goods53. Standard TV & Appliance54. Harbor Freight Tools55. Super King Buffet56. 82nd Street Bar & Grill57. IHOP58. Shamrock Bar & Grill59. Double Up Bar60. Batteries Plus Bulds

61. Baxter Auto Parts62. Multnomah County Library63. Walgreens64. GameStop65. HK Cafe66. Dollar Tree67. U.S. Bank Branch68. Walmart69. Jack in the Box70. Domino’s Pizza71. Fujiyama Sushi Bar & Grill72. Wingstop73. LA Fitness74. Taco Bell75. Bank of America

76. JOANN Fabrics and Crafts77. Izzy’s Pizza & Buffet78. Ross Dress for Less79. U.S. Postal Services80. Carl’s Jr81. Best Baguette82. KFC83. Pizza Hut84. WinCo Food85. OM Seafood Company86. Chair Outlet87. 7-Elevent88. Powell’s Seafood89. ABC Seafood Company90. Steakadelphia

21 34 5

7 89

11 12 13

18

1920

212423

26 293235

33 3437

42

43 44 45 55 565758

65

6970 71

74

77

808283888990

85 81

72

59

4849

50

106

14

2728

67

73

84

8687

62

38

4647

51

17

22

1615

25

30 3136

39 40 41

52

53

60

61

63 6468

75

78 79

76

66

54

NEARBY VICINITY Restaurants and Dining Shopping/Entertainment Lifestyle Services

Woodstock Park

Lents Park

Creston Park

Essex ParkKern Park Century 16

Eastport Plaza

SE Powell Blvd26

58 Foster


LIFESTYLE CONVENIENCES

58 Foster

SE 52th Ave

SE 50th Ave

SE 26th Ave

SE 28th Ave

SE 82nd Ave

SE 60th Ave

SE 92nd Ave

SE Woodstock Blvd

SE Holgate Blvd

SE Steele St

SE Foster Rd

César E. Chávez Blvd

Hawthorne

SE Powell Blvd

SE Division St

SE Belmont St

Mt Tabor Park

Woodstock Park

Creston Park

Lent Park

Mt Scott Park

26

Mall 205

Fubonn Shopping Center

McMenamins Baghdad Theater & Pub

Crystal Spring Rhododendron Garden

205

Century 16 Eastport Plaza

Powell Street Station

Pok Pok

Blue Star Donuts

Stumptown Coffee RoastersPetite Provence

Portland Campus

Mt Scott Community Center & Indoor Pool

HK Cafe

213


*Source: US Census and PSU Center for population research for four-county metro area.

**Bureau of Labor Statistics. ***OR Metro.

10.2% Metro Area

population growth (April 2010-July 2017)*

4.85% Metro Area vacancy

4.0% Year-over-year rent

growth**

$68,676 Median household income

3.6% Unemployment rate **

(July 2018)

35.7% Bachelor’s or higher

(Age 25+ ***)

30,066 New Metro Area

residents*(2016-2017)

38.3% Metro Area renter-

occupied housing rate

PORTLAND METRO SNAPSHOTPORTLAND METRO AREA The Portland Metro Area is one of the most robust apartment markets in the nation, as reflected in strong year-over-year rent growth and consistently tight vacancy. The area’s strong job market and high quality of life continues to attract new residents—approximately 80 people move here each day. New apartment construction is unable to keep pace with demand.


APARTMENT MARKETThe Portland Metro Area consistently ranks among the nation’s lowest for apartment vacancy rates according to the U.S. Census Bureau and other third-party services like REIS, MPF Research, and Axiometrics. The U.S. Census ranked Portland as having the 6th lowest vacancy rate in the nation for the first quarter of 2018 at 3.6%.

REIS reports 2017 Portland metro year-over-year rents grew 3.3%. Overall rents have increased every quarter since Q1 2010.

SKILLED WORKFORCE & STRONG EMPLOYMENT54% of Portland workers have an associates degree or higher, out pacing the national average of 38%.

According to the State of Oregon’s Employment Department, Portland enjoys one of the fastest job growth rates in the Pacific Northwest, and the entire nation, having added 31,000 jobs in 2016 and 28,000 jobs in 2017.

The Portland Metro Area’s unemployment rate as of May 2018 is 3.7%—the lowest since 1995.

TOP 10 LISTSPortland consistently receives glowing reviews and rankings from the media.

2018 lists include: • #4 Best City for Biking (Fast Company)• #6 Best Place to Live (U.S. News and World Report)• #10 Most Entrepreneurial State (Amazon.com)

2017 lists include: • #3 City with Best Opportunities for Job Seekers

This Year (Fast Company)

2016 lists include: • America’s Best City for Summer Travel (Travel +

Leisure)• Best City for Electric Cars in the U.S.

(The Christian Science Monitor)• Best Places to Live 2016 (Money Magazine)• #8 Greenest City in the Nation (Wallethub)• #8, World’s Best Cities for Millennials (Matador

Network)• Food and Drink Capital of America (The Telegraph

– London)• World’s #10 Best City to Live In (Metropolis Magazine)

DIVERSIFIED ECONOMYPortland is home to the headquarters of Fortune 500 companies Nike, Precision Castparts and Lithia Motors. Fortune 1000 companies headquartered here include Stancorp Financial, Greenbrier Companies, Columbia Sportswear, Schnitzer Steel Industries, and Portland General Electric.

Tech and software companies continue to relocate their operations here or open major outposts in Portland. These companies enjoy Portland’s educated workforce, affordable high quality of life, and a low cost of doing business compared to the Bay Area.

Companies which recently opened major branches in Portland include Airbnb, Google, Squarespace, Mozilla, Simple, Survey Monkey, SalesForce and New Relic, Inc. Portland’s tech startup companies include Viewpoint, Jama Software, Thetus, Urban Airship, Acquia, Elemental Technologies, Act-On, Puppet Labs, and The Clymb.

PORTLAND REGIONOregon’s largest city, Portland, is near the confluence of the Willamette and Columbia Rivers. The Portland Metro Area consists of four counties: Multnomah, Washington, Clackamas, and Clark County, Washington.

PORTLAND METRO SNAPSHOT


GOVERNMENTThe U.S. Federal Government is Portland metro’s overall largest employer, with 20,500 workers. The State of Oregon gives employment to an additional 14,000 residents.

HIGH TECH & CHIP MANUFACTURINGAttracted by the Portland area’s educated workforce and relative low cost of doing business, tech companies continue moving to Portland—opening major branches and, in some cases, relocating to the area entirely.

With over 19,300 employees, Intel is the area’s largest private employer. Intel acquired its first Portland location in 1974. The company is currently expanding its presence with forthcoming D1X microprocessor chip facilities at the Ronler Acres Campus in Hillsboro. This is part of a five-year, $6 billion expansion, and is part of the company’s long-term plans for growth. Intel is the largest property taxpayer in Washington County, with payments of approximately $30 million a year.

Other notable Portland-area high-tech companies include ON Semiconductor and Tektronix.

SPORTSWEARNike has its world headquarters in Beaverton and employs 12,000 Portland-area residents. The company designs, develops and manufactures footwear, apparel, equipment and accessories. From here, Nike orchestrates production and design for one of the world’s most recognizable brands. In January, 2015, Nike began a $1 billion expansion of its Washington County campus, adding three buildings with a collective 1.3 million square feet and more than 3,300 parking stalls. Nike recently released artists’ renderings of the completed expansion, which is estimated to open in 2018.

Nike’s two key competitors have a major local presence as well. Those employers include the North American headquarters of Adidas’ with 1,200 employees, and a new 70,000 SF outpost of Under Armour. Under Armour has moved 100 employees into an iconic former YMCA.

HEALTHCARE AND RESEARCHHealth services are another major employment sector for the Portland area. The top healthcare employers in the area are Providence Health Systems, with 17,543 employees, and The Oregon Health Sciences University (OHSU), with 16,200 workers. OSHU is the recent recipient of a total of $1 billion in donations for cancer research from over 10,000 Oregon donors. Grants from the National Institutes of Health totaled $182.7 million in 2016.

MANUFACTURINGIn trucking and transportation, Daimler Trucks—with nearly 3,000 area workers—has big plans for the Portland area. The company recently spent $150 millions renovating its Portland facility and invests heavily in research and development, including autonomous driving.

PORTLAND MARKET SNAPSHOTMAJOR EMPLOYERS


Among the influx of companies to the Portland metropolitan area—including many who have transplanted their world, North American or U.S. headquarters here—are Adidas, Daimler Trucks, KinderCare and Keen.

Other significant companied in the close-in Portland metro area include Umpqua Holdings, Weiden+Kennedy, NW Natural, PacifiCorp, PGE, New Seasons, Storables, McMenamins, McCormick & Schmick’s, Franz Bakery,

According to the State of Oregon Employment Department, the Portland Metro region created jobs at the rate of 2.43% in 2017. Portland ranks 11th among the 50 largest metropolitan areas in the United States.

JOB GROWTH BY INDUSTRYMSA PORTLAND

7,200

Construction

3,900

Trade, Transportation & Utilities

5,000

Leisure & Hospitality

2,800

Manufacturing

3,700

Professional Business Services

5,400

Healthcare & Social Assistance

6,500

Education & Health Services

Portland Brewing, Powell’s Books, ZGF Architects, and two major West Coast law firms: Stoel Rives and Schwabe, Williamson & Wyatt.

Full time employment increased 2.6% in the past 12 months, an increase of 29,700 positions. Following is a list of net job growth by industry June 2016-June 2017:


OPERATIONS ANALYSISIncome Current Scheduled Rents Highest Achieved Rents Note

Scheduled Gross Rent $419,832 $13,994 $437,340 $14,578 1Less: Vacancy/Credit Loss ($20,992) ($700) -5.0% -$21,867 -$729 -5.0% 2

Net Rental Income $398,840 $13,295 $415,473 $13,849 Other Income $21,492 $716 $21,492 $716 3

Includes: Utility Billing (RUBs) $15,651 $522 95.0% $15,651 $522 95.0%

Gross Operating Income $420,333 $14,011 $436,965 $14,566

Expenses Projected Operations Per Unit % GOI Projected Operations Per Unit % GOI

Real Estate Taxes $39,710 $1,324 9.4% $39,710 $1,324 9.1% 4

Insurance $8,837 $295 2.1% $8,837 $295 2.0% 5

Garbage $4,906 $164 1.2% $4,906 $164 1.1%

Sewer/Water $11,569 $386 2.8% $11,569 $386 2.6%

Electric $2,250 $75 0.5% $2,250 $75 0.5%

Other $750 $25 0.2% $750 $25 0.2%

Total Utilities $19,475 $649 4.6% $19,475 $649 4.5% 6

Fee Management $27,322 $911 6.5% $28,403 $947 6.5% 7

Landscaping $2,400 $80 0.6% $2,400 $80 0.5% 8

Maintenance/Repairs $10,500 $350 2.5% $10,500 $350 2.4% 9

Turnover $4,500 $150 1.1% $4,500 $150 1.0% 10

Reserves $7,500 $250 1.8% $7,500 $250 1.7% 11

Total Expenses ($120,243) ($121,325) Expenses per Unit ($4,008) ($4,044)

% of Gross Operating Income 29% 28%Net Operating Income (NOI) $300,089 $315,641


OPERATIONS ANALYSIS1. RENTS 58 Foster’s currently scheduled rents average $1,166 per unit or $2.38 per square foot. The asset was completed in

2017 and has been fully leased since April 2018. Projected rents are based on those highest achieved by 58 Foster. Projected rents average $1,216 per unit, or $2.48 per square foot; a market-rate increase of 4.1% over currently scheduled rents.

2. VACANCY AND ECONOMIC LOSS

For analysis purposes, operations are adjusted to a market-rate 5.0% vacancy, based on lender underwriting requirements. Current management operations do not track vacancy.

3. OTHER INCOME Other income collections are based on historical operations and include administrative fees, pet rent and utility charges.

• RUBs. RUBs are projected to capture 95% of the water, sewer and garbage costs which average $43 per unit per month.

RENT ROLL ANALYSIS: MARKET RENTS

Unit Type Unit Count

Square Feet

Average Scheduled Rent

Average Scheduled Rent

per Sq Ft

Highest Achieved Rent

Highest Achieved Rent

per Sq Ft% Change

Studio 1 356 $975 $2.74 $975 $2.74 0.0%

Studio 1 394 $995 $2.53 $995 $2.53 0.0%

Studio 10 412 $1,071 $2.60 $1,125 $2.73 4.8%

1 Bedroom / 1 Bathroom 6 525 $1,250 $2.38 $1,275 $2.43 2.0%

1 Bedroom / 1 Bathroom 12 557 $1,234 $2.22 $1,300 $2.33 5.1%

Totals / Averages 30 490 $1,166 $2.38 $1,216 $2.48 4.1%


Turnover Analysis Projected TurnoversTotal Units 30Turnover Rate 30%Expected Turnovers 9Annual Turnover Cost $4,500Cost per Turnover $500Per Unit Turnover Cost $150

OPERATIONS ANALYSISEXPENSES58 Foster is new construction, and the property transitioned management companies in April 2018. Unless otherwise noted, the expenses are based on August 2018 trailing operations and reflect combined operations between the two management companies.

4. PROPERTY TAXES Oregon’s property taxes are evaluated on a fiscal year starting July 1. Property tax values for the 2018-2019 tax year were published in October. In Oregon, property taxes are not reassessed on sale and are limited to a 3.0% annual increase at the state level. Property taxes paid before November 15th each year receive a 3.0% discount. Most investors take advantage of this discount.

The 2018-2019 gross property taxes for 58 Foster total $40,938 and are assumed to be fully assessed. The net property taxes for the 2018-2019 tax year, after the 3% discount, total $39,710 and are included in the projected operations. The historical operations do not include a tax expense.

5. INSURANCE The insurance is based on the property’s current premium of $8,837 annually.

6. UTILITIES Annualized utilities total $19,475, or $649 per unit and include costs for water, sewer, and garbage. The units are individually metered for electric, and the utility expense includes administrative expense for Minol utility metering.

7. MANAGEMENT The projected operations assume a gross 6.5% management fee that includes payroll costs, administration, advertising, and property oversight.

8. LANDSCAPING/HOUSEKEEPING

The expenses estimate contracted services that include housekeeping and landscaping. The total costs of these contracted services are estimated at $2,400 for bi-monthly common area maintenance.

9. REPAIR/MAINTENANCE The repair/maintenance expenses are estimated at $10,500 annually and reflect market-rate operations for a newer property like 58 Foster that will eventually incur maintenance costs as it ages.

10. REPAIR/MAINTENANCE AND TURNOVER

Turnover is estimated assuming 30% of the units – or nine (9) units - will turnover annually. The turnover expense is for make-ready processes and does not include any capital costs.

11. RESERVES Lenders require reserves be set aside to address future capital costs associated with any property as it ages. The projected operations include reserves of $250 per unit.


OFFER TERMSASSET SUMMARYProperty 58 Foster

Location 5811 SE Boise StreetPortland OR 97206

Total Units 30

Year Built 2017

Average Unit Size 490 sq ft

Current Average Rent $1,166

Current Average Rent per Sq Ft $2.38

OFFERING SUMMARYPrice $5,675,000

Price per Unit $189,167

Price per Sq Ft $344

Cap Rate (Scheduled Rents) 5.29%

Cap Rate (Projected Operations) 5.56%

QUESTIONS & TOUR REQUESTS: All inquiries, questions, or tour requests are to be directed to HFO Investment Real Estate at (503) 241.5541.

Please do not disturb the residents.

Jack Stephens • [email protected] Frick • [email protected] Cross • [email protected] Lee Fehrenbacher • [email protected] Tully • [email protected] Smith • [email protected] Gates • [email protected]

Investment Real Estate 2424 SE 11th AvenuePortland, Oregon 97214

www.hfore.com(503) 241.5541Fax: (503) 241.5548

Brokers licensed in the States of Oregon and Washington.


HFO Investment Real Estate

2424 SE 11th Avenue • Portland, OR 97214www.hfore.com • 503.241.5541

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