Pinewood Commons Apartments is a 39-unit garden style apartment community located in Gresham, OR, a suburb of Portland and the fourth largest city in Oregon. Built in 1979, we acquired the property at the end of 2021 with a value-add investment strategy. Pinewood Commons is well located just west of a Main & Main intersection in the Powell Valley neighborhood of Gresham; however, it had been severely mismanaged and undercapitalized resulting in significant deferred maintenance during its previous ownership.

 

At acquisition, average in-place rents were more than 10% below market in as-is condition and more than 26% below market in post-renovation condition. All unit interiors were in classic condition giving this property full value-add potential. We’ll completely renovate all units upon rollover installing new cabinets, countertops, stainless steel appliances, flooring, paint, hardware, fixtures, and in-unit laundry. Furthermore, we’ll be able to achieve additional economies of scale by combining the operations of Pinewood Commons and Gresham Park, a neighboring property we own. ​