4714 Ocean Beach Hwy, Longview, WA 98362

Details
Price$11,600,000
Units48 Total
Size41,556 SF
Buildings2
Tax Lots2
Acres1.32
MapFlyer

SMI Real Estate in partnership with Real Broker LLC is pleased to present the opportunity to acquire the Westbrook Longview Apartments , a new construction Multifamily Community located in Longview, Washington.

Longview is known for its strong market fundamentals and strategic location within the Portland-Vancouver metropolitan area. With a growing demand for multifamily housing in the region, the Westbrook Apartments present a compelling story for investors seeking opportunity in a traditionally under-served submarket.

Westbrook Apartments is conveniently located near the Three Rivers Mall, offering several shopping, dining, and entertainment options and is close to Lake Sacajawea Park, providing residents access a number of outdoor recreational activities. In addition, the property is in close proximity (15-minute drive) to the largest speculative industrial facility (2700 Talley Way) in the Pacific Northwest (Delivery October 2024), and a short (6-minute drive) to the recently acquired 150 Acre Mint Farm Industrial Development positioned for an additional two million square feet of industrial operation which are both anticipated to increase demand for jobs in area.

Combined with the low vacancy rate in the Longview submarket (less than 2%), limited new multifamily development, Westbrook Longview Apartments is well positioned to capture current and future demand for housing.

Property Summary
The property is comprised of two (2) identical three-story, 24-unit buildings totaling 48 units with a mix of one-bedroom and two-bedroom units. Built in two (2) phases, phase one was completed at the of 2022 and fully occupied. Phase two is scheduled to be completed in June 2024.

Each building has an identical unit mix featuring six (6) one-bedroom and one-bathroom, twelve (12) two- bedroom and one-bathroom and six (6) two-bedroom and two-bathroom units averaging 725 SF, 890 SF, and 961 SF, respectively. All units include LVP flooring, quartz counter tops, plywood cabinets, balcony or patio, storage, air conditioning, garbage disposals, and in unit washer and dryer.

Proposed Acquisition
Buyer to purchase both Phase I and Phase II. Properties are on separate tax lots and have separate loans. Buyer shall acquire and close on Phase I and have a contractual understanding with Seller to acquire and close on Phase II per agreed terms or the Buyers lender requirements.

Note: Seller is also the developer and will collaborate with Buyer to ensure completion of Phase II. Buyer has option of working with Seller’s existing lenders or to find new financing.

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