Uptown at Lake Oswego

The Uptown at Lake Oswego was a unique & irreplaceable apartment building in the heart of Portland’s most affluent suburb.

A very well maintained apartment building, built in four stages from 1955 to 1988, the Uptown offering consisted of 71 apartment units on a low density (2.35 acre) lot, situated in the heart of downtown Lake Oswego – less than 100 feet from the lake itself. With over 75% of the units renovated, upside remained in turning unrenovated units and pushing renovated rents up to market. In early 2020, the Ownership engaged the Kidder Mathews’ Portland apartment specialists, Jordan Carter, Clay Newton, and Tyler Linn (the KM Team) to evaluate the property and market it for sale.

Up until 2017, Uptown was comprised of two separate apartment properties (47 and 24 units) with two completely different owners. In 2017, the KM Team assisted the Ownership in acquiring the 47 unit building, built in 1955 and 1988, and then Ownership purchased the neighboring 24 unit building a couple months later, which completed their acquisition of the full block. Utilizing a strategy put forth by the KM Team, the Ownership combined the operations of the two properties into one and started sharing amenities between them, such as the 24 unit’s pool, and the 47 unit’s fitness center and outdoor amenities.

The 47 units had undergone extensive renovations starting around 2013, but the 24 units had not been touched for years, providing significant upside. Now combined, the KM Team positioned Uptown as an enticing opportunity for an investor to acquire a sizeable and solid light value-add “B” asset in an “A” location. Bordering a popular park plaza and with lake views, Uptown’s oversized block was zoned high-density, making it a prime redevelopment site in the future. The KM Team was hired and procured a local highly qualified 1031 exchange buyer (the Buyer) immediately – before the property was ever exposed the market.