Value-add opportunity in Hillsboro (Washington County), OR - Walnut Apartments, 22 units

Highlights:

• Value-add apartment community in the Hillsboro submarket (Washington County)
• Central location near downtown Hillsboro
• Convenient access to employment, services, and public transportation
• MAX Light Rail located approximately three blocks away
• Single-level, courtyard-style community with strong rental upside
• Value-add opportunity through operational and management improvements
• Washer/dryer hookups in all 2-bedroom and 3-bedroom floorplans
• Private fenced patios for each unit
• On-site carports/garages available for residents
• Many recent capital Improvements completed

Description:

The Walnut Apartments represent a rare opportunity to acquire a 22-unit, single-level apartment community in the highly desirable Hillsboro submarket (Washington County), offering immediate operational value-add potential.

The property features a low-density, courtyard-style layout spread across five separate buildings - an increasingly scarce product type that provides a differentiated living experience. The unit mix includes (4) one-bedroom, (16) two-bedroom, and (2) three-bedroom units, with a variety of floorplans and strong in-place amenities for this vintage. Units feature washer/dryer hookups in all two- and three-bedroom floorplans, private fenced patios, and dedicated carports or garages for each resident - features that continue to drive tenant demand and support rent growth.

Additional income potential exists through on-site storage and a fully finished utility room (currently utilized as owner storage), providing a clear path to further revenue growth beyond the rents.

The property has been well maintained with meaningful recent capital improvements, including energy-efficient vinyl windows (2016–2017), new electrical panels in all units (2023), new gutters (2025), and ongoing interior renovations - highlighted by higher-end upgrades to the three-bedroom units completed in 2023–2024.

Current rents are estimated to be below market, presenting investors with the opportunity to implement a targeted renovation and management strategy to capture significant rental upside, or continue to benefit from the natural organic rent growth in the Hillsboro sub-market.

Located just three blocks from the MAX Light Rail and near downtown Hillsboro, the property offers excellent access to major employment centers, services, and transportation. The Walnut Apartments are well-positioned in the path of continued growth and investment within the Hillsboro submarket.

The Walnut Apartments offer investors the opportunity to acquire a well-located asset with immediate upside and long-term appreciation potential.

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