Portfolio

Crescent Point
Olympia, WA

Crescent Point is located in a high-end residential suburb of Olympia, the state capital of Washington. The property was newly built in 2022 and acquired in an off-market transaction directly from its original developer. In addition to its new vintage, the property offers a diverse range of large floor plans averaging over 1,000 SF with upscale finishes. It sits in a quiet residential neighborhood with large open spaces and easy parking. As the center of Washington’s state government, Olympia’s multifamily market benefits from on-going growth and stability in its employment base. It also offers a high quality of life and is a nearby alternative to the more expensive Seattle MSA. The property was acquired as a core quality investment positioned for a long-term hold and financed with 10-year debt. It also served as the upleg for 1031 exchange proceeds coming from the successful sale of an earlier Springhill investment.

• Acquired: Jun-22
• Units: 62
• Purchase Price: $21,250,000
• Built: 2022

Avon Park
Burien, WA

Avon Park is located south of downtown Seattle in the suburb of Burien. The property was built in 1985 and acquired in an off-market transaction from its long term owner. The acquisition offers a first generation renovation opportunity of an asset that has received no material physical enhancements since it was built. Moreover, Burien itself is a rapidly growing submarket that is expected to have above-average rent growth over the next five years. The location provides close proximity to many of Seattle’s core employment areas including downtown Seattle, Bellevue and the Kent Valley. The acquisition was financed with a new, 5-year variable rate bridge loan at 77% loan to value, including the capital funds for repositioning the property.

• Acquired: Dec-2021
• Units: 85
• Purchase Price: $22,000,000
• Built: 1985

Quail Point
Nampa, ID

Quail Point is located in Nampa, ID, an immediate suburb of Boise. The property is brand new and was acquired in an off-market transaction directly from its developer. The purchase was structured as a pre-sale and was subject to both minimum rent levels and full occupancy. Boise is one of the strongest apartment markets in the US, with low vacancy, robust rent growth and incredible long term demand based on strong in migration. The immediate submarket has a strong retail and employment core, including a new Amazon distribution facility. The acquisition was financed with a new, variable rate 10-year loan (5 years interest-only) at a sub-3% rate providing strong cash flow to investors from inception.

• Acquired: Jul-2021
• Units: 72
• Purchase Price: $13,250,000
• Built: 2020

Fernwood Court
Oregon City, OR

Fernwood Court is located south of downtown Portland in the historic community of Oregon City. The property offers a unique combination of traditional two-story garden-style units as well as one-story cottages. Due to the limited number of multifamily rental units in Oregon City, available multifamily communities are highly desired by renters and owners alike. The opportunity came as a referral within Springhill’s local network and allowed for another off-market transaction directly with the seller.

• Acquired: Jan-2019
• Units: 110
• Purchase Price: $17,750,000
• Built: 1974/1991

Chinook Way
Fairview, OR

Chinook Way is located in Fairview, OR, a suburb of Portland. The property was acquired directly from the seller in an off-market transaction. Springhill was attracted to the opportunity due to the property’s high quality and Fairview’s location in the path of growth east of Portland. Cash returns were enhanced with a new, 10-year loan (5 years interest-only) sourced at acquisition for $14,750,000 (74% LTV).

• Acquired: Jul-2016
• Units: 124
• Purchase Price: $19,900,000
• Built: 2000

Gresham Park
Gresham, OR

Gresham Park is another Springhill asset located in the eastern Portland suburb of Gresham. The principals realized the opportunity to add value to an asset in close proximity to urban Portland that was affordable and presented a strong future rent growth trajectory.

• Acquired: Nov-2017
• Units: 51
• Purchase Price: $8,800,000
• Built: 1991

Connery Place
Portland, OR

Connery Place is located in SE Portland. Positioned in an up and coming area and near a junior college, the property presented an opportunity to rehabilitate the interiors of the units and increase cash flow. The repositioning has since been completed and it now runs as a fully stabilized asset with a 9% cash-on-cash return to investors.

• Acquired: Feb-2017
• Units: 72
• Purchase Price: $7,067,000
• Built: 1977

Avenue 66
Vancouver, WA

Avenue 66 is located just north of Portland in the rapidly growing area of Vancouver, WA. The property offered the rare opportunity to purchase a newly built asset at a stabilized and financeable cap rate at a compelling basis. As with many Springhill acquisitions, it was acquired directly from the Seller in an off-market transaction.

• Acquired: May-2018
• Units: 56
• Price: $8,600,000
• Built: 2016
• Sold: May 2022
• Sold Price: $14,000,000

Coho Run
Gresham, OR

Coho Run is located in the largest eastern Portland suburb of Gresham. Originally known as Red Sunset, the property was renamed as part of a comprehensive renovation of its exterior, interiors and common areas. Acquisition of the property was financed with a new loan of $11,522,000 (75% LTV) for 10 years with the first 5 years interest-only.

• Units: 104
• Built: 1990
• Acquired: Jul-2017
• Purchase Price: $15,350,000
• Sold: Dec-2021
• Sold Price: $26,000,000

Kings Meadow
Troutdale, OR

Kings Meadow is located in the boutique eastern Portland suburb of Troutdale. Springhill acquired the property in early 2016 and sold it 2.5 years later after increasing NOI by over 50% by executing a combination of value-add renovations and upgrading management. Investors achieved a 2x+ multiple on their original equity at sale and received an average annual cash return of 9%.

• Units: 48
• Built: 1996
• Acquired: Apr-2016
• Purchase Price: $5,700,000
• Sold: Sep-2018
• Sold Price: $9,030,000

Ivy Lake
Portland, OR

Ivy Lake, located in the south west area of Portland, provided an opportunity to acquire spacious, low-density apartments in a tranquil setting that was well amenitized with a pool, common area laundry facilities and a scenic lake on site. While it did not require physical upgrades, an aggressive new management plan was put in place to maximum both occupancy and income.

• Units: 72
• Built: 1980
• Acquired: April 2013
• Purchase Price: $7,225,000
• Sold: April 2015
• Sold Price: $8,725,000

Lake Oswego Portfolio
Lake Oswego, OR

Purchased as a portfolio, The Oswego and Uptown offered an asset ownership position in Lake Oswego, one of the wealthiest suburbs in Portland. Upscale shopping, entertainment and schools are within walking distance from both properties creating consistent demand and long-term appreciation potential.

• Units: 94
• Built: 1982/1986
• Acquired: Apr-2015
• Purchase Price: $18,450,000
• Sold: Jul-2017
• Sales Price: $19,100,000