Vertisee Heights - 24 units of fully stabilized new construction in Richland, WA
High-quality construction offering an investor the opportunity to acquire brand new construction in a growing submarket.
OFFERING DETAILS
Offered for $$, Vertisee Heights offers cash investors a x% return in a growing submarket, with no projected CapEx requirements over the next 10 years. A rare find in the Tri-Citie smarekt.
Access DocumentsProperty Summary
Property Type
Vertisee Heights Apartments
Address
1156 Columbia Park Trail
City, state, ZIP
Richland, WA 99352
UNITS
24
# BUILDINGS
2
Building Area
+-26,542 SF
LAND AREA
1.38 Acre / 60,113 SF
YEAR BUILT
2022
Pricing summary
List price
$6,900,000
PRICE / UNIT
$287,500
PRICE / SF
$259.97
CURRENT CAP RATE
5.89%
PROFORMA CAP RATE
6.07%
The Opportunity
Stabilized new construction in Richland, WA
Vertise Heights was completed in 2022, making it one of Tri-Cities newest multifamily assets. Featuring 24-units across two properties with phenomenal build quality by Elite Construction, a top notch Tri-Cities builder. The property is just 700 feet from the Columbia River and centrally located in Richland with easy access to a walking path, parks, restaurants, shopping, employers and other amenities.
In each unit, you will see features of stainless steel appliances, an open-concept floor plan, beautiful cabinetry and modern LVP flooring. The 2-bed/2-bath units offer two-story units with soaring ceilings and an abundance of natural light. Plus, three balconies with Columbia River views.
The buyer has the opportunity to acquire to hold long-term, benefiting from Tri-Cities market and rent growth, with little-to-no maintenance required in the next 10+ years.
Brand new construction
Built in 2020 and 2021, this fully stabilized asset features high-end luxury finishes such an Speed Queen washers and dryers in each unit.
Existing rental upside
Proven rent of $1 450, highlighting existing leases are below-market rate due to Pendleton rent qrowth and originally self-managed lease-up.
Flourishing market
Pendleton has seen a +20% qrowth rate year over year, outpacing nearby Oregon markets, with major employers expanding and entering the market.
Ideal unit type
Featuring all 2-Bed, 2-Bath unit types, this mix is ideal for both young professionals and families, which is reflected in the diverse current tenant’s profile.
The Location
Central Richland location with proximity to major employers
429.897.587.985
Photographs
MARKET OVERVIEW
Tri-Cities, WA
Centrally located between four major metros in the Pacific Northwest, the Tri-Cities boasts a strong and diverse economy that is home to major research and development employers, three medical centers, several agricultural giants, and a booming wine industry.
The Tri-Cities population has grown to 305,338 which is +59% growth since 2000. The diverse terrain, Columbia River, mild climate, and regional amenities are some of the reasons the Tri-Cities is considered one of the best places to live in the country—ranking as the 9th Best Place to Raise Kids and 2nd Best Places to Retire.
The Tri-Cities is home to major research and development employers such as Battelle, Pacific Northwest National Laboratories (PNNL), and Bechtel National. In addition, the Tri-Cities is home to Kadlec, a regional medical center, as well as two other local hospitals.
Why invest here
- 29.1%
Average rent growth
(Last 5 years)
- 98.0%
Average occupancy
(Q1 2022)
- 3.9%
Unemployment rate
(Q1 2022)
- 3.31%
Wage growth
(2018 - 2019)
- 17.1k
Population
(City of Pendleton)
- 5.9%
Population Growth
(2010 - 2020)
- 20.0%
Home price growth
(Last 12 months)
- $53.6k
Median HH Income
(Hermiston - Pendleton MSA)
Our Team
Multifamily Mason
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CONTACT
If you have any questions, we will be happy to help you
Fill out the contact form and our manager will contact you. Or write to the mail directly, which will speed up the feedback
Main email:info@multifamilymason.com
Phone:+1 897 687 9789
