Lake Oswego, OR

Uptown at Lake Oswego

Posted In — Success Stories |
Sale price
apartment units
acre lot
of the units renovated

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.

uptown at lake oswego

The History

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.

The Challenge

In order to complete the Uptown purchase, the Buyer had to close on the sale of a 44 unit downleg apartment building located in close-in NE Portland, which the KM Team was also selling. The sale of the 44 units and Uptown were both fully non-contingent and were headed towards closing, until Covid-19 shocked the local economy, with the governor of Oregon issuing one of the first Stay at Home orders nationally. The lender for the buyer of the 44 unit downleg property started to panic, putting that transaction in limbo, ultimately putting the Uptown sale in limbo as a result.


As soon as Covid-19 hit, the KM Team aggressively communicated with the lender on both the 44 unit downleg, the lender for the Buyer on Uptown, and pushed every third party along the way to the brink to get these transactions closed. This relentless but highly systematic effort through the first couple months of the pandemic paid off, as the KM Team, Ownership, and Buyer all worked very closely through March, April, and into May of 2020 to overcome the short-term issues resulting from Covid-19. The result was a record setting price of $16.8 million, and a Buyer confident of future cash-flow with an asset extremely well-positioned for long term growth.

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