Project Category: Original Use Property
128 townhome rental units on 9 acres. The unit mix is 2BR, 3BR and 2BR with garage. Units include fully applianced stainless steel kitchens, washer/dryer, electric heat/cool (heat pump), vinyl plank floors with carpeted bedrooms and hallways/stair. Featuring quartz counters, energy star appliances and lighting, 9′ ceilings, private 2nd floor deck and concrete patio at grade. Sample floor plans included in listing.
Amenities include recreational (pickleball courts), a central plaza and gathering area, bike path, gardens and greenspace. Private parking is included with each home.
Project Qualification: Original Use PropertyReal Estate: ResidentialTotal Capital Required: $30,000,000Equity Required: $12,000,000Debt Required: $18,000,000Project Control: We have enforceable contracts to acquire the key propertyTimeline: 90-180 daysFile: 1st-floor-plan.pdfAddress: 2750 SW Canal Blvd Redmond Oregon 97756 United StatesFile: elevation-front.pdf
The 21 Canal is a workforce housing rental project in desirable central Oregon. The city of Redmond is a growing municipality with population of just under 30,000. It's home to regional airport RDM that features non-stop flights to seven western cities (LAX, SFO, SEA, PDX, SLC, PHX, DEN).
The 9 acre site in southwest section of Redmond, just west of US Hwy 97, the main north-south artery in central Oregon. National grocery chain is half mile away, with regional merchants located closer to site. Central Oregon's largest city, Bend, is 14 miles south.
Project team includes:
Developer: Hunter Renaissance Development LLC
Architect: Mayes Architecture & Planning
Builder: Pacific Development & Construction
Engineering: HA McCoy Engineering & Surveying
Equity Provider is National Equity Fund (www.nefinc.org)
Development team has conducted preliminary reviews with city of Redmond on engineering and zoning/code requirements. Permits will be issued by May 2019, with site work beginning March 2019. Construction timeline is 20-22 months, with delivery of 3 buildings per month beginning January 2020.
Single investor opportunity, or investors may enter the qualified fund managed by National Equity Fund.