Renovated 90’s asset in Gresham, OR | 42 Units | All 2bd/1 ba floorplans - Trymax Apartments

Highlights:

• Desirable 2BR/1BA Unit Mix with in-unit washer/dryers.
• Additional Revenue Opportunities including underutilized detached garages and the potential implementation of RUBS (not currently in place).
• Extensively Renovated Asset including new siding, windows, roofs, exterior paint, and interior upgrades.
• Historically Low Vacancy demonstrating strong tenant demand.
• Operational Value-Add Opportunity through improved expense management and revenue optimization.

Description:

The Trymax Apartments is a 42-unit multifamily community that represents a unique opportunity to acquire a turn-key asset in the strong submarket of Gresham, Oregon. Originally constructed in 1992 and recently renovated, the property features spacious two-bedroom, one-bathroom floor plans with washer/dryer hookups and functional living spaces. The community also includes 12 detached garages, providing an additional source of rental income.

The property consists of eight buildings situated across a 1.72-acre site, offering a classic Pacific Northwest setting with mature trees and landscaped grounds. The quality of the asset and its location appeal to a stable tenant base, providing an investor with immediate operational stability.

The asset has been meticulously maintained and extensively improved in recent years, with significant capital upgrades including new siding (2023), new windows (2023), new exterior paint (2023), and new roofing on all buildings and garages (2021). Interior upgrades have been implemented consistently over the past decade, including proactive replacement of cabinets, countertops, flooring, appliances, doors, and fixtures across a large sample of units. This ongoing commitment to maintenance and improvements has resulted in historically low vacancy and strong tenant retention.

Trymax Apartments represents a true pride-of-ownership asset aligned with the current market trend toward higher-quality multifamily investments. The property offers a compelling operational value-add opportunity through improved management efficiencies and revenue optimization. Current average rents as of March 2026 are approximately $1,458 per unit, with the potential for modest rental growth and additional revenue generation through garage monetization and the future implementation of RUBS. These opportunities provide a realistic path for a new owner to increase revenue over time and achieve a projected cap rate exceeding 7%.

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