Redwood Lofts & Flats 1820 NE Davis St 20 Unit Apartment Building $4,500,000 ($225,000/Unit) 6.04% Cap Rate Portland, OR 97232

The Rhoades Group of Marcus & Millichap is pleased to present the opportunity to acquire Redwood Lofts & Flats, the newly constructed 20-unit apartment community located at 1820 NE Davis Street in Portland’s desirable Kerns neighborhood. Completed in 2025, the property offers investors a modern multifamily asset with minimal near-term capital requirements and long-term durability associated with new construction.
Redwood Lofts & Flats features a mix of studios, one-bedroom flats and loft-style units, and two-bedroom flats designed to appeal to Portland’s urban renter demographic. Residences include quartz countertops, stainless steel appliances, luxury vinyl plank flooring, and in-unit washer and dryers. Efficient floor plans and contemporary finishes support strong tenant appeal and long-term occupancy stability.
From an investment perspective, the asset benefits from the slowdown in multifamily development across Portland driven by elevated construction costs and financing constraints. The resulting limited pipeline of new projects in close-in eastside neighborhoods positions recently completed properties to benefit from reduced competition and improving market fundamentals as urban renter demand continues to rebound. Additionally, the property was constructed under the MULTE program, offering a significant property tax exemption for 10 years.
Situated in the vibrant Kerns neighborhood, residents of Redwood Lofts & Flats enjoy immediate access to the East Burnside corridor, Sandy Boulevard, and the Central Eastside Industrial District, home to many of Portland’s most popular dining, breweries, and entertainment destinations. The location provides convenient connectivity to downtown Portland and surrounding employment centers via nearby transit routes and bike infrastructure.