Trailblazing: East of Eleven, Portland, OR
“The East Side of the River”
The Buckman neighborhood is nestled in southeast Portland, just across the Willamette River from downtown and in the heart of the City’s eccentric eastside. The area is known for its tree-lined streets, historic homes and abundance of independently owned breweries, restaurants and retail. Buckman is popular with millennials and was ranked as one of the top five “best places for young professionals in the Portland area” by Niche. Nearly 90% of Buckman residents are renters and the neighborhood has experienced abundant growth in recent years due to its relative affordability and proximity to downtown.
Last summer, while scouting out opportunities during the pandemic, we acquired East of Eleven, an 84-unit apartment community in the heart of Buckman. The property, built in 2019, includes a mix of studios and one-bedroom apartments averaging 590 square feet. The apartments feature vinyl plank flooring, washers and dryers, quartz countertops and air conditioning, an uncommon feature in Portland apartments. Residents enjoy include secured parking, a gym, 24-hour package lockers, a pet wash station, bike storage and an indoor/outdoor community room.
East of Eleven’s developer completed construction in 2019 and leased-up the property later that year. In October 2020, during the pandemic, occupancy had plummeted to 28%. The developer’s construction loan was maturing within months and refinancing was nearly impossible because of the low occupancy. In May 2021, we went under contract to purchase East of Eleven in an off-market transaction. Our 24-month business plan included implementing professional property management, stabilizing the property and upgrading the common areas.
Now, 14 months later, East of Eleven is 90% occupied. We enhanced the lobby and clubroom with new furniture and fixtures and upgraded the gym with new equipment. We also modernized the property’s security with a 24/7 live monitoring system. We plan to build a new BBQ/seating area in the outdoor lounge later this year. At East of Eleven, we are proud to provide our residents with a modern living environment in a hip, walkable Portland neighborhood.
Buckman, OR: Did you know?
Just three miles east of East of Eleven is Mount Tabor, named after a mountain in Israel and one of only a handful of extinct volcanoes within U.S. city limits. The 192-acre Mount Tabor Park boasts panoramic views of downtown while offering walking and biking trails, sport courts, a playground, an outdoor amphitheater, dog park, reservoirs and plenty of picnic areas. Enjoy the view!
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