Preble Way Apartments

Investment Overview

The Preble Way Apartments were recently delivered in 2024 and represent one of only a few apartment communities serving the growing La Pine, Oregon market. The subject property is situated on a 0.83 acre flag lot in a quiet neighborhood setting adjacent to Finley Butte Road in La Pine, Oregon. This attractive location is in close proximity to La Pine’s city core. The apartments are comprised of 24 - total units. All units are spacious 2BD/2BA single-level style units at approximately 851 square feet each. The Preble Way Apartments represent a one-of-a-kind multifamily project in one of the fastest growing, developer-friendly new markets in central Oregon. As Bend and Sunriver markets are typically seen as the core high-demand market areas in central Oregon, La Pine is positioned to be the next area of residential and multifamily growth while offering similar local attractions, amenities and services at more attractive pricing relative to Bend. La Pine is already experiencing a surge in growth by local single-family, commercial and industrial developers. Sellers also own the adjacent 0.88 acre parcel to the south of the subject property. This could be included in a sale for $175,000. Same zoning as subject property (CRMX) and would support 18 additional apartment units. Buyer to verify exact permissible uses, density and design requirements.

Investment Highlights

• Seller willing to guarantee rent at 90% occupancy for one year
• New construction completed in 2024
• 24- Large 2BD/2BA units
• High-quality finishes
• Nearby grocery, services and parks
• Primarily residential location
• Adjacent 0.88 AC parcel available for purchase ($175,000), approved for 18 units