TARALON APARTMENTS 4.46 ACRE PARCEL

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1 TARALON APARTMENTS 4.46 ACRE PARCEL SE Drive & SE 162nd Avenue Happy Valley, Oregon Community Center TARALON Investment Real Estate www. hfore.com (503) TARALON 25.7 UNITS/ACRE HAPPY VALLEY, OR 1

2 EXECUTIVE SUMMARY SITE SUMMARY Property City County Size Zoning Development Standards Price Land parcel located at the intersection of 157th Avenue and 162nd Avenue, subject to the Master Plan Happy Valley Clackamas +/ acres / 194,277 Sq Ft Happy Valley Mixed Use Residential (MUR-X) MUR-X Mixed Use Buildings with Residential Emphasis. Residential and retail combinations with the primary use of the building being residential. Density Lot Coverage Landscaping Setbacks Building height 25.7 units/acre 18.6% 28.8% 10 ft 53/5 ft Price ($) $5,000,000 $ per Acre $1,121,076 $ per Unit * $37,879 $ per Sq Ft $25.74 * Based on proposed development of 132 apartment units. For More Information Cody Hagerman cody@hfore.com Investment Real Estate 2424 SE 11th Avenue Portland, Oregon (503) Fax: (503) The Apartments Land (4.46 acres) is part of the 97-acre Master Planned Development (MPD) and benefits from an exceptional location in the city of Happy Valley. The land surrounds the MPD s clubhouse and has services to site. There is a proposed development that is approved by the City of Happy Valley for 132 apartments between 3 buildings. Established in 2010, the MPD is primarily single-family residences with a central clubhouse that features a gym and seasonal pool. The Apartment Land would be the only multifamily development in this exclusive neighborhood. The 4.46 acres surround the existing clubhouse and pool. The proposed development places the clubhouse as a center pointe of the apartments. The Apartment Land is subject to the Master Plan and a shared use agreement provides for access to the clubhouse and amenities of the community. Happy Valley is one of the Portland metro area s newest cities and major employers include Kaiser Permanente s Sunnyside Medical Center and Xerox. is less than 3.5 miles from the Kaiser Medical Center and less than 4 miles from Clackamas Town Center which includes connections to the MAX light rail. The neighborhood is part of the North Clackamas School District No. 12, one of the metro area s stronger school districts. Residents of the neighborhood attend the following schools: School Oregon Trail Elementary School A- Rock Creek Middle School Clackamas High School A- Rating B Brokers licensed in the States of Oregon and Washington. 2 HFO INVESTMENT REAL ESTATE

3 LOCATION 213 SE 174th Ave SE Johnson Rd SE 97th Ave Mt Talbert National Park 224 SE 122nd Ave Clackamas High School SE 192nd Ave SE Sunnyside Rd SE 142nd Ave TARALON Community Center Hood View Park SE 172nd Ave 212 Distribution Center SE Jennifer St 224 Portland Downtown 205 Gresham Milwaukie Happy Valley Lake Oswego 224 Clackamas 212 West Linn 99E TARALON 25.7 UNITS/ACRE HAPPY VALLEY, OR 3

4 PROPOSED DEVELOPMENT TARALON APARTMENTS The following proposed development was reviewed by city staff in 2016, which recommended approval of the site plan as proposed. A one-year extension was applied for and approved for completion. The new deadline for completion is May 25, Under the current development code, no additional extensions are available. Total # of Units 132 Total # of Buildings 3 Parking Unit Mix 1 Bedroom 36 2 Bedroom 84 3 Bedroom spaces 132 bike parking Count Community Center 4 HFO INVESTMENT REAL ESTATE

5 20,341 PROPOSED DEVELOPMENT 43,891 64,232 81,012 Property line TARALON 25.7 UNITS/ACRE HAPPY VALLEY, OR 5

6 Community Center 6 HFO INVESTMENT REAL ESTATE

7 Community Center Hood View Park Community Center TARALON 25.7 UNITS/ACRE HAPPY VALLEY, OR 7

8 HAPPY VALLEY The city of Happy Valley was incorporated in 1965, and is located in Clackamas County. Its population as of July 2017 was 21,196, an increase of approximately 48% since Happy Valley s population is more educated on average than all of Clackamas County, with 52.6% of residents holding a Bachelor s degree or higher. Median household income is $106,197, well above county and national averages. The Oregonian even dubbed Happy Valley the richest town in Oregon in 2015 and the wealthiest place in Clackamas County in Happy Valley is proud of its small-town feel, and of its schools, small businesses and parks, all of which provide families with an inviting, safe community. RENTS Happy Valley s rental supply is constrained, making it a competitive apartment market. The city attracts the area s second-highest number of residents with college degrees. As a result, demand for rental housing will remain strong, and further rent growth is predicted. EMPLOYERS Among the area s major employers are Kaiser Permanente s Sunnyside Medical Center, which accounts for over 2,400 local jobs, as well as PCC Structural, Clackamas County and Xerox, each employing between 1,000 and 2,000 area residents. SHOPPING AND ENTERTAINMENT Happy Valley is near the Clackamas Town Center the area s largest shopping destination. This 1.3 million square-foot regional mall includes Macy s, Nordstrom, Sears and JC Penney. Entertainment venues include a 20-screen Century movie theater. Clackamas Town Center offers an additional 180 stores, shops and restaurants. Another highlight of Happy Valley is the Eagle Landing Golf Course, a beautifully maintained 27- hole Par 3 course located off SE Causey Avenue. Among Happy Valley s most popular annual events is its Pickathon which is held on the grounds of Pendarvis Farm and features a wide array of modern popular music acts. Pickathon attracts large crowds, and offers camping facilities for visitors to this threeday music festival. Investment Real Estate www. hfore.com (503) Passion Collaboration Specialization This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate HFO Investment Real Estate LLC. Build your legacy is a service mark of HFO Investment Real Estate. Licensed in the states of Oregon and Washington. 8 HFO INVESTMENT REAL ESTATE