the jax

The 39-unit complex, ideally located between Hwy 217 and Pacific Hwy 99W, and adjacent to ‘surban’ Downtown Tigard, is poised to take advantage of the extensive urban renewal there with its diverse restaurants, art galleries, dog park, a full breadth of retail shops and a seasonal Farmers Market, and transit access.

cost of investing

$1,594,828

realized proceeds

$1,201,129

gross IRr

40%

the challenge

The Woodard Park Apartments, built in 1964, was a run-down property with failing siding, mold issues, and a poorly designed central courtyard that routinely flooded. Rusty playground equipment with protruding cut-off pipes and massive potholes throughout the parking lot not only made Woodard Park uninviting, but hazardous, too. Property management was virtually non-existent.

the solution

We started by re-siding the buildings, adding accents such as ‘sliding barn shutters’ on second story windows and metal awnings. The outdoor storage spaces were rebuilt adjacent to units, as were all privacy walls between units. Pathways of crushed granite, massive basalt columns, and privacy fencing along the front property line provided a more aesthetic visual perspective. The parking lot was graded, resurfaced, and striped. Concrete sidewalks rebuilt.Space-saving sliding doors were installed in townhouse units. Bathrooms were remodeled. Kitchen islands with USB ports were installed and cabinets were replaced. Carpeted floors were replaced with vinyl. The units were entirely repainted in a two-tone color scheme.Once Woodard Park was rebranded The Jax, property management was replaced and marketing efforts were intensified.

the result

The property was refinanced in 2016, returning $1,201,129 to our initial investors. The occupancy of The Jax, now a brighter, safer, attractive property, has stabilized and may be offered for sale in 2019, depending on market conditions.