THE EQUITY PACIFIC TEAM
Jason graduated from the University of Wisconsin-Madison with a B.A. in Communication Arts. He began brokering investment real estate in 2001 as an apartment sales specialist. He achieved top producer awards at a national firm before he founded Equity Pacific Real Estate LLC in 2006. With over 15 the years in the Portland Metro Jason has gained knowledge of the market. With this he works closely with each client to carefully craft the right investment strategy to fit their needs.
I love The Frances Building because it is an historic unreinforced masonry building on the National Historic Registry and a Portland Landmark. It is truly an amazing opportunity to invest in an historic property and one of Portland’s most well-known locations. Located directly across the street from the iconic Bagdad Theater at SE 37th & Hawthorne, the Frances Building was built in 1911 and features 7 apartments on the 2nd Floor above 3 commercial spaces facing Hawthorne on NNN leases, along with the Echo Theater. The Frances Building presents multiple opportunities depending on the buyer, from maintaining or improving the existing interiors, or as an adaptive re-use opportunity to convert the Echo Theater and the upstairs apartments to creative office space which would better monetize the building to maximize its potential return on investment.
The sellers had this property in their family for more than 30 years, and the buyer had made consistent offers to the owners over several years. In 2015 the sellers indicated they were finally open to a deal, and the buyer placed the property under contract. The property had great bones, however it needed a total rehab, so I worked closely with the buyer and their lender to help achieve a construction loan that enabled a comprehensive property modernization. The building was gutted to the studs and re-built with all new roof, siding, plumbing and electrical, as well as new sheetrock, cabinets and interior finishes. The end result is truly a pride of ownership property in an excellent neighborhood that the buyer will own for generations to come, and the seller achieved a higher price than was supported by the in-place income due to rents being well below market at the time.
Situated in the Alphabet District of NW Portland, the Embassy was built in 1925 by famed architect Carl L. Linde and is one of Portland’s best examples of Georgian style architecture. The Embassy is a Portland Landmark listed on the National Historic Registry and an excellent example of a by-gone era of craftsmanship. Owned by the Dahlke Family for generations, The Embassy sold to local developer Robert Ball in 2003 who converted the apartments to condominiums. It was at the time my largest deal and one of the most notable sales of 2003 as an era of condo conversion was ushered in, and I learned valuable lessons working with the principals and making sure all the little details of a transaction are handled to ensure a smooth closing.
This was a text book example of how I’ve helped many of my clients significantly increase cash flow. I sold a vintage 4-plex located at 2431 NE Halsey Street to some great clients in July, 2013. They did a nice job improving the units and increased rents by several hundred dollars per unit, ultimately though it didn’t provide them with the cash flow they desired. In early 2016 I crafted a strategy that would enable them to 1031 exchange into a larger property for better cash flow. We listed and sold the 4-plex for $805,000 in April, 2016 and began targeting secondary and tertiary markets with more units and stronger cash flow. One of the potential exchange properties I sent them was a 26-Unit in Hermiston, which was exactly what they were looking for. They not only doubled their cash flow, they literally tripled it!
They just don’t make them like Belmont Court anymore! This steel bar reinforced concrete building at the corner of SE 14th & Belmont was in the same family for decades before selling in September, 2007 for $3,250,000. Built in 1937 the building was in good shape when it sold, however the buyer invested heavily in modernizing the building during the first few years of ownership and transformed Belmont Court with a top to bottom renovation with all new plumbing, electrical, oak hardwood floors, and completely new kitchens and baths. Following the sale I helped the seller do a 1031 exchange out of Belmont Court into a larger, newer property, and the today buyer continues to benefit from the improvements made by achieving some of the strongest rents for Studios and 1BRs in close-in Eastside Portland.
Chuck graduated from the University of Oregon with a B.S. in Economics and was involved in the management of multiple apartment properties on the University of Oregon campus before becoming active in brokerage. Chuck specializes in multifamily investment sales and was the senior multifamily broker in two national real estate firms prior to joining Equity Pacific Real Estate LLC. Since 2004 Chuck has been honored with a National Achievement Award in addition to Top Listing Agent recognition.
The property is located in the Sunnyside neighborhood of close-in SE Portland. This amazing location offers tenants easy walking or biking proximity to Laurelhurst Park, Colonel Summers Park, Whole Foods, popular restaurants, coffee shops, schools, and a wide variety of retail stores highly sought by investors and tenants alike. Built in 1908, this investment property is full of beatiful detials. Unit interiors feature a mixture of hardwood and marmoleum in the living areas and tile in the bathrooms. The apartments also have charming period details such as built-ins and claw-foot bathtubs. A majority of the units have dishwashers and garbage disposals. The new owners intend to continue to make improvements to the apartments to achieve top of the market rents.
The Heritage Village Apartments were built in 1975 and comprise of 176 total units. The property is situated on over 10 acres of well-manicured grounds adding to the community’s low density park-like appeal. Units range in size from 600 square feet to 864 square feet and offer balconies or patios, dishwashers, disposals and spacious additional storage/closet space. Equity Pacific had placed the seller into an upleg purchase for a 1031 Exchange and had minimal time to market and sell the downleg property (Heritage Village). Multiple offers were generated from highly qualified buyers after a swift and targeted marketing campaign. The strongest buyer was chosen who performed as promised and closed the transaction for 97% of listing price.
Cascade View is conveniently located in NE Salem and benefits from its close proximity to Chemeketa Community College, Lancaster Mall, and Salem’s downtown district. The Cascade View Apartments comprise of 16 buildings totaling 126 units on roughly 6.58 acres. Built in 1994 and 1995, all units consist of two bedrooms and one bathroom totaling approximately 840 square feet each. Equity Pacific managed an escrow process that took nearly one full year as both buyer and seller settled their 1031 exchanges. New ownership plans to slowly upgrade the property and bring rents to market levels. Equity Pacific represented both buyer and seller in the transaction.
Located in Umatilla, Oregon Country Club Manor was built in 1977 with extensive remodel in 2013-14. The property offered over 10% immediate cash flow based on the in-place income and expenses and over 17% cash flow after stabilizing at market levels. Marketing Country Club Manor presented particular challenges as Umatilla is a much smaller, more tertiary sub-market. Equity Pacific welcomed the challenges and were able to locate and identify several qualified investors. The most qualified buyer submitted the strongest offer and swiftly completed their due diligence ultimately resulting in a successful close of escrow.
Located in the heart of the Hollywood neighborhood in close-in NE Portland, this attractive two-story property built in 1969 features cedar and brick siding and has been very well maintained. Park Regency is located near Whole Foods, Trader Joe’s, 24-Hour Fitness, Providence Hospital, the Hollywood Theater and a wide variety of retail stores, coffee shops, parks, schools and public transportation.
Equity Pacific secured the sale of the property against multiple competing offers. The new owner intends to upgrade the property to realize the building’s pride of ownership potential and achieve higher, market level rents.
Benjamin studied Business at George Fox University and Portland State University, and has been a licensed broker since 2004. Benjamin’s attention to detail and focus with investors has resulted in hundreds of closed transactions totaling more than $60MM. His passion for brokering investment real estate is reflected in his career success. Benjamin joined Equity Pacific Real Estate LLC in 2015 to better serve his clients and their real estate investment goals in the Portland market and beyond.
What I love about this deal was the unique circumstances in which it happened. Property was inherited by siblings. Buyer was coming out of a 1031 exchange. Although challenging, I was able to keep all parties engaged and brought to the closing table. The owner contract added another layer of sophistication to the deal. The previous owners are now making more money per month in interest than they were in gross rents. The buyer was able to keep some money aside to do the appropriate repairs in order to bring rents to market level.
This deal was great because it shows what happens when you have a broker who knows the markets within a neighborhood and has built a reputation of trust even with never speaking to the owner previously. We had a buyer towards the end of her 1031 exchange. We had a seller call us off of a postcard we had previously sent. Within 24 hours we were able to get both parties on the same page and under contract. It was serendipitous to say the least, but it’s what happens when you have a database of owners that you are in touch with regularly.
I loved the sale of the N Lombard property because it was the first purchase for this investor. Brandon and his wife, Katelyn, moved to Portland from Boston in February. They knew they wanted to start their real estate investing but they didn’t know how to start. We began working with each other and identified the part of town that made the most sense to them. We reached out to a handful of owners and began a conversation with an owner who was looking to retire from managing all his properties. He had been investing for 40 years and was excited to pass the baton on to these new investors. We helped them acquire their first investment as an owner occupied deal with an FHA mortgage.
The SE Knapp Four-plex was an incredible opportunity and an incredible challenge. The building was is such disrepair that there is a great chance it would not be financeable. We have a responsibility to get our client to the finish line while netting them the most money we can. We started by marketing the property to developers. The buyer we found was willing to come to the table with a strong down payment while the seller carried the note for the rest. The property will be rehabbed over the course of the next year. The new owners will then refinance the property to pay off the seller and place a conforming 30 year mortgage on the property. The seller gets to keep their cash flow for another year and ultimately net more than if they had done a traditional sale.
The Duplex on NE Wasco Sale was the congruence of a great building, a great location, fantastic marketing, and working the relationships of the other agents we know. I reached out to the buyer’s agent because I knew she did a lot of business in the area. She happened to have a buyer looking for something just like this. We brought this property to market shortly after the City of Portland announced the terms of their tenant relocation plan. This added a wrinkle to the transaction as we were stepping into something that was brand new. In the end we were able to represent our sellers and net them almost $70k more than an almost identical duplex that sold a month prior the same neighborhood only a few blocks away.