Virtú Investments Acquires Barclay Village in Oregon City, OR
The Evergreen Fund purchased Barclay Village, a 146-unit multifamily property in the Portland suburb of Oregon City. Oregon City, situated on a hill overlooking the Willamette River, is located south of downtown Portland. Oregon City is one of the few remaining value-oriented areas of Portland where renters can get more living space and still have easy freeway access to numerous employment, retail, and lifestyle amenities. The Barclay Village property offers large floorplans in a quiet suburban setting, surrounded by dense woodlands, and at a great value when compared to average Portland rents. Virtú will expand upon an existing value-add program focused on unit interiors and we will also address the deferred maintenance.
Like most of the other primary west coast markets, Portland’s high cost of living creates strong renter demand. Portland’s supply of new apartments is heavily concentrated in the downtown areas, where high rents can make development profitable. The lower rents in Oregon City make adding new apartment supply in this submarket difficult. Virtú also sees upside in Oregon City as it begins to revitalize and update its own downtown area.