Montclair Terrace is a 202 unit garden style apartment community located on 12 acres within a short commute to Portland’s financial district and surrounded by a solid employment base.  Originally named "Royal Firs," the property was acquired from a local Portland owner who owned and managed the property for over thirty years.  The property was well maintained but received few upgrades since its construction and was achieving below market rents.  Bascom conducted a thorough $2,525,000 renovation of approximately $12,500 per unit to reposition the property as an infill suburban community with large, well appointed units minutes from downtown.  Major renovations included a new leasing office, pool area upgrades, and installing a fitness center, business center and tot lot.  Unit renovations included adding washers and dryers and replacing floor coverings, lighting, and fixtures.  Rents were increased by over 11% due to the renovations.

City
Portland, Oregon
Units
202
Renovation Budget
$2.5M ($12,500/ unit)
Debt Partner

Mass Mutual Life Insurance Co.

Equity Partner

Babson Capital- Mezz