Investment Overview

Russell Street Commons presents the opportunity to acquire a planned multifamily development site located in Ashland, Oregon. The offering consists of two adjacent parcels totaling approximately 0.86 acres, located at 449–459 Russell Street, representing some of the last remaining infill development sites within Ashland’s Railroad Climate-Friendly Area (CFA), which is a state-mandated, pedestrian-focused mixed-use zone. Approved by the City Council, the Railroad CFA spans the former Union Pacific Railroad property off A Street. It eliminates minimum parking requirements to promote walking, biking, and transit while supporting dense housing. The offering provides a developer with the opportunity to control both parcels for future high-density multifamily development within one of Southern Oregon’s most supply-constrained housing markets. The site currently consists of a 0.40-acre corner parcel at 449 Russell Street and an adjacent 0.46-acre parcel at 459 Russell Street. Both parcels feature level topography, paved access, and utilities either stubbed to the site or located immediately adjacent, while conceptual development plans have already been completed. Current plans envision Russell Street Commons as a 72-unit market-rate apartment community consisting of four four-story residential buildings totaling approximately 47,708 gross square feet, with a unit mix of studios, one-bedroom, and two-bedroom apartments designed to serve Ashland’s growing population of working professionals, retirees, and workforce households employed throughout the healthcare, education, service, and arts sectors. Strategically positioned near Interstate 5, Highway 99, downtown Ashland, Southern Oregon University, and the Ashland Transit Center, the project benefits from immediate access to major employment drivers, transportation corridors, retail amenities, and educational institutions. Southern Oregon University enrolls approximately 5,000 students annually, while the broader Rogue Valley economy continues to be supported by healthcare, tourism, education, and regional service-sector employment. Jackson County’s population has increased by approximately 9% since 2010, adding nearly 19,000 residents over that period, while long-term regional forecasts continue to project steady population growth across Southern Oregon. At the same time, Ashland remains heavily constrained by limited developable land, entitlement complexity, restrictive topography, and urban growth boundary limitations, resulting in a persistent imbalance between housing supply and rental demand. Ownership and the development team have already completed substantial pre-development work, including a pre-application conference with the City, preliminary architectural design, and ongoing entitlement planning. The project is currently in the Type II application preparation phase, with design revisions and budgeting underway. Civil engineering remains pending, providing a future developer the opportunity to finalize the project while materially reducing early-stage planning timelines, soft costs, and entitlement risk.