Investment Overview

The Lewis & Clark Apartments is a promising value-add investment opportunity located in the highly desirable South University neighborhood, directly adjacent to the University of Oregon Campus in Eugene Oregon. This apartment complex has undergone extensive exterior renovations and is strategically positioned for significant rent growth, making it an attractive prospect for investors and syndicators looking to capitalize on the robust rental market in the region. The Lewis & Clark is a 40-unit garden-style apartment complex in Eugene Oregon. Located at 1414 & 1424 E 18th Ave, The Lewis & Clark consists of two buildings, each with its own tax parcel and a combined lot size of 1.29 acres. The property is extremely well-located, immediately adjacent to Hayward Field and in close proximity to Jane Sanders Stadium, Hammer Field, the Student Recreation Center, the Matthe Knight Arena and much more. Built in 1967 &1969, this three-story community contains a total of twenty-nine (29) one-bed/one-bath floorplans averaging 460 square feet and eleven (11) two-bed/one-bath floorplans averaging 588 square feet. Over the last two years, current ownership has invested in numerous interior and exterior improvements. Twenty-six (26) of the units at the Lewis & Clark are currently in ‘classic’ condition. Two (2) units were lightly renovated, and twelve (12) units were extensively renovated with new cabinets, quartz counters, LVP flooring, stainless steel appliances, paint, doors and fixtures. Exterior renovations include a new 20-year roof, new exterior paint, exterior lighting and professional landscaping. Unlike traditional student-housing, Lewis & Clark offers functional floorplans featuring full kitchens and offers a desirable amenities package including shared laundry facilities, coded building entry, a private and gate-secured street-level parking garage that includes 39 spaces, intercom system and private balconies on select units. The property is under new professional management with FPI. All leases are offered on twelve-month terms. The current achieved rents at the Lewis & Clark are 16.5 percent below market. The average rent for the one-bedroom floorplans at the property is $1,141 compared to the market potential of $1,275. The average rent achieved for the two-bedroom floorplans is $1,273 compared to the market potential of $1,450. Increasing the current achieved rents to market would result in a monthly increase of $5,842 and a total annual increase of $70,104. By aligning rents with market levels, investors can achieve a notable increase in annual revenue. This strategic location, superior amenities and significant upside make the Lewis & Clark Apartments a stand-out investment opportunity.