Sale Price: $995,000
Square Feet: 15249 CAP Rate: 6.32 Units: 24
Price Per Unit: $41,458
21843 SW SherwoodBoulevard
Carriage Place is a 55 and over apartment complex located in Sherwood, OR. This 24-unit property presents an outstanding opportunity to exchange into the sought after senior housing sector and purchase an asset only 30 minutes from a major Pacific Northwest city. The picturesque setting and small-town charm of the city have made it one of the fastest growing areas outside of Portland.
The subject property was constructed in 1994 and is currently part of the Section 42 Low Income Housing Tax Credit (LIHTC) program. There is an extended use agreement in place which requires all of the units to be rented to tenants earning no more than 60% of the local Area Median Income (AMI). Rents are well below the maximum levels allowed by the program. Please see the Carriage Place Rent Calculation in the Pricing & Financial Analysis section for further details. The qualified purchaser can be a nonprofit or for-profit entity that agrees to maintain the affordable housing units and fulfill all requirements of an existing extended use agreement.
Residents are in close proximity to services and retailers which benefit its 55 and over residents. The Sherwood Senior Center, Tri-Met bus lines, and Providence Newberg Medical Center are within minutes to the property. Furthermore, national retailers such as Target, Shari's, Dollar Tree, and Walgreen's can be found within two miles of Carriage Place.
City of Sherwood
The city of Sherwood is located approximately 16 miles southwest of Portland by way of Highway 99W In recent years, it has been one of the fastest growing cities in Oregon. Some of the reasons for its astonishing growth in the past few years could be because of its close proximity to Portland, its quaint historic district, its award-winning schools and its picturesque setting. Business in the Sherwood area is a blend of light industrial/manufacturing, agriculture and retail/service. Two hospitals service the area, Providence Newberg Hospital and Meridian Park Hospital. Numerous parks and recreational facilities surround the city.
Like much of the Northwest, Sherwood is home to an array of beautiful parks and natural beauty. But the quickly growing commercial sites of Sherwood offer true insight into the town's character: a juxtaposition of old and new, with reverence toward both the city's historic past and its bright, expanding future. The community events calendar is always full and the town's location makes for a fairly easy drive to much of what Oregon has to offer.
In August 2009, Sherwood was honored as one of Family Circle's 10 Best Towns and Cities for Families. The communities featured in the magazine’s annual roundup of perfect places to call home combine affordable housing, good neighbors, green spaces and A+ public school system. In addition, Money magazine named Sherwood as one of America's Best Places to Live in 2007
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