Heather Crossing residents enjoy the large layouts with washers and dryers and personal patios and decks. Additional amenities include energy efficient vinyl windows, a basketball hoop and BBQ area, and an abundance of off-street parking, the majority of which is covered.
Current ownership has invested over $1 million into Heather Crossing. Recent improvements include new exterior paint, landscaping and irrigation, exterior drains, main water lines, a seal coat of the parking lot, and the addition of security cameras. Previous renovations included an extensive energy efficiency and weatherization package with vinyl windows, new insulation, and kitchen and bathroom fans, among other improvements.
Significant interior renovations have been done to 17 of the 44 units, including new kitchens with cabinets, stainless steel appliance packages, and granite countertops in both the kitchens and bathrooms. Renovated interiors also feature new door and trim packages, new flooring, fixtures, and paint. Fully renovated units are achieving over $1,300/month for rent, approximately 15% higher than the average rent of the unrenovated units. Capitalizing on the tight submarket with a 4.2% vacancy rate, continuing to renovate units and pushing rents will create additional cash-flow and equity for a new ownership group.
Heather Crossing is located in the Portland suburb of Milwaukie, one of the more desirable up and coming rental markets in the Portland-metro area. Situated in a residential neighborhood, Heather Crossing is just blocks from McLoughlin Blvd (Hwy 99), one of the main commercial arterials running north/south through Portland. Tenants enjoy great access to schools (Rex Putnam HS is two blocks away), parks, shopping, entertainment, and a variety of retail and restaurants. The TriMet MAX orange line is also located blocks from Heather Crossing.
