Studio Pointe Apartments

Highlights:

• Durable LIHTC Income Stream: Studio Pointe operates as a stabilized LIHTC community, delivering predictable occupancy and consistent rent collections backed by the federal affordable housing program. The LIHTC structure provides meaningful downside protection and potential property tax advantages that support long-term cash flow reliability.
• 2020 Vintage — Minimal Near-Term CapEx: Built in 2020, Studio Pointe's modern construction minimizes near-term capital expenditure requirements. Modern finishes, bike storage, and on-site laundry are already in place, allowing investors to benefit from stabilized operations without the burden of deferred maintenance or renovation risk.
• Supply-Constrained Sellwood-Moreland Location: Situated in Portland's Sellwood-Moreland neighborhood, Studio Pointe benefits from high walkability, proximity to the MAX Orange Line, and access to Sellwood Riverfront Park. The submarket's limited new supply and strong renter demand underpin sustained occupancy for affordable studio units.
• Significant Discount to Replacement Cost: Offered at an attractive basis of $111,667 per unit, positions the asset well below today’s estimated replacement cost. The below-replacement-cost pricing enhances downside protection while offering a compelling foundation for long-term value creation.

Description:

A Stabilized, Newer-Vintage LIHTC Multifamily Asset in Portland's Supply-Constrained Sellwood-Moreland Submarket

Marcus & Millichap / Christensen Group is pleased to present Studio Pointe, a 30-unit, LIHTC affordable housing apartment community located at 5605 SE Milwaukie Avenue, Portland, OR 97202, offered for sale at an asking price of $3,350,000. The property is offered on behalf of the seller as a stabilized, income-producing acquisition opportunity in one of Southeast Portland's most desirable and supply-constrained neighborhoods.

Studio Pointe was built in 2020 and comprises 30 studio units across 11,339 total square feet (7,009 rentable SF). The property is fully stabilized and generates an In-Place NOI of $180,016, implying a cap rate of approximately 5.37% at the asking price. The asset is encumbered by a LIHTC regulatory structure, providing consistent, government-backed rental income and meaningful downside protection. The Sellwood-Moreland submarket offers high walkability, direct access to the MAX Orange Line and multiple bus lines, and proximity to Sellwood Riverfront Park and Oaks Bottom Wildlife Refuge — with limited new supply in the pipeline.

Studio Pointe represents a rare opportunity to acquire a 2020-vintage affordable housing asset with minimal near-term capital requirements. The LIHTC structure ensures consistent collections, potential tax credit advantages, and a predictable income-driven return profile. Units feature modern finishes including granite countertops, vinyl plank flooring, and full appliance packages. Community amenities include secure bike storage and on-site laundry. The combination of newer construction, stabilized occupancy, and a supply-constrained submarket position this asset as a compelling addition to any affordable housing portfolio.

Qualified investors are invited to submit offers for Studio Pointe. The transaction is structured as a non-recourse first mortgage loan acquisition. Interested parties should contact listing agents Georgie Christensen and Aiden Susak, and visit christensen-cre.com for offering materials, property tours, and bid submission deadlines. All offers should be submitted in writing with proof of funds or financing commitment.

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