Investment Overview

The Rhoades Group at Marcus & Millichap is pleased to exclusively represent the sale of Westwind Manor Apartments, a desirable 62+ community arrangement of 34 one-bed flats. Located in Long Beach, Washington, across from Astoria, Oregon in the mouth of the scenic Columbia Gorge, the property was originally constructed in the 1980s, with numerous updates throughout the years. Westwind Manor Apartments is in an established residential neighborhood across the street from plenty of tourist stops including bike rentals, horseback rides and coffee shops. Within walking distance are plentiful local amenities in charming downtown Long Beach. A quick five-minute drive South takes you to the Columbia River and the city of llwaco, Washington known for its world class fishing and delicious seafood restaurants. The apartments at Westwind Manor are ideally situated to service the greater Pacific County peninsula area and its strong tourism and fishing industries. Within five miles of the property, household income averages over $75,000 and is projected to continue to rise; this is further buoyed by the growing local population, especially in the fishing and tourism industries as well as retirees seeking this attractive region. With immediate access to parks and both coast front and riverfront attractions, as well as the numerous breweries, seafood restaurants, and tourist attractions, combined with the tremendous beauty and year-round recreation of various state parks including Leadbetter Point and Loomis Lake State Park and bird watching on 17,000 acres at Willapa National Wildlife Refuge, tenants have tremendous access to entertainment, culture, and wildlife. Within one mile of the property approximately 30 percent of the population is 65 years or older and approximately 25 percent of the population is between 50-64 years old. These demographics are ideal for this complex’s 62+ age restrictive guidelines and vital for this community. The restrictive use covenant (RUC) with USDA expires on this project October 1st, 2023, letting a buyer have the flexibility of uses with Westwind Manor to broaden the tenant mix or renegotiate terms on keeping the complex in the project. This is an ideal opportunity for a nimble investor who is opportunity driven. With over six hotels, a dozen restaurants and the beach within a half mile from the complex, tenants have multiple options of employment, enjoyment, and recreation at their footsteps.