1335 North, formerly King’s Landing Apartments, is an 84 unit property located in Corvallis, a University town in Central Oregon.
The property was high density, but not with students, and in rough condition. Its weathered plastic lattice-work begged for renewal. Thefts had occurred there. While located close to the university, it was not being marketed to students, young academics, and other university employees. Westland bought the property in 2014.
Westland performed major upgrades to the interiors. To the exterior, it added heavy gauge corrugated galvanized sheet metal to create an urban industrial feel. Marketing targeted university-related prospects.
Based on a re-fi in February of 2016, this $2 million investment will sell for over $5 million in 2018, yielding a 22.6% IRR.