Investment Overview

Marcus & Millichap is pleased to exclusively represent the sale of Water Meade, a 29-unit apartment community located in the highly desirable Southwest Portland neighborhood. Built in 2012, the property offers a well-balanced unit mix of fifteen studios, twelve one-bedrooms, and two two-bedroom units. The building has been professionally managed and maintained, and units feature granite countertops, stainless steel appliances, shaker cabinetry, tile and vinyl flooring, and large windows. Select units also offer private patios or balconies. Water Meade offers investors the opportunity to acquire a newer construction, low-maintenance asset with both stability and upside. Current rents are approximately 11.1% below market, presenting a clear opportunity to grow income through strategic rent adjustments. Residents benefit from a strong package of shared amenities, including on-site laundry, fenced outdoor bicycle storage, secured entry, and a landscaped backyard picnic area. Water Meade is located on a prominent corridor with on-street parking, providing both visibility and privacy. The surrounding area includes Lair Hill Park, River Place Marina, and easy access to scenic walking and biking trails. Just four minutes from Downtown Portland, the property is ideally situated for residents working or studying at OHSU, Portland State University, Under Armour, and other major employers. The location offers excellent transit access via MAX light rail and the Portland Streetcar. Strong surrounding demographics—including a 5-mile population of 443,560 and a 1-mile average household income of $110,515—further support the long-term performance of this well located asset.