Clear Capital, LLC Acquires 176 – Unit Multifamily Property in Eugene, OR.
Clear Capital, LLC
HEADQUARTERS: Irvine, Los Angeles
FOUNDERS: Eric Sussman, Greg Worchell, Daniel Hardy, Paul Pellizzon
BUSINESS: Multifamily Real Estate
RECENT ACQUISITION: 176 -Unit Value-Add Apartment Community in Eugene, OR
IRVINE, CA, December 15, 2021 – Clear Capital, LLC a Los Angeles-based private equity real estate investment firm specializing in multifamily investments, announces the acquisition of Sheldon Butte Apartments, a 176 – unit, multifamily property in Eugene, OR. The asset is located less than four miles from downtown Eugene and will be rebranded Aspire Eugene
Constructed in 1972, Aspire Eugene is situated on 11.1 acres at 2555 Willakenzie Road in Eugene, OR. The community has a desirable unit mix of one and two-bedroom apartments, catering to a broad resident demographic. While the community has attractive amenities including a resort style pool, renovated activity room, common kitchen area, BBQ area, and an office and business center, Clear Capital will replace current management with an institutional-grade property management team and renovate unit interiors. The interior renovation scope will include a full remodel of the kitchen including stone countertops, stainless steel appliances, lighting, cabinet fronts, plumbing hardware as well as two tone paint & new vinyl faux wood flooring throughout the apartment homes. The property will provide modern finishes to an underserved yet affluent renter demographic willing to pay for higher quality unit interiors and resort-like amenities. On the exterior Clear Capital plans to upgrade property signage and enhance the marketing window.
“Sheldon Butte apartments is a true blank-slate, value-add investment opportunity with 100% classic unit interiors and compelling upside through property renovations and hands-on asset management,” said Enrique Huerta, Clear Capital’s Vice President of Acquisitions. “In addition to the value-add potential, this community is nestled in one of Eugene’s strongest locations near Route 569, I-5, I-105, downtown Eugene, Springfield, and the Eugene airport. This unparalleled location provides proximity to Eugene’s top employers, well-regarded schools, and millions of square feet of retail, dining, and entertainment options within a 3-mile radius.
This purchase marks Clear Capital’s 28th multifamily investment. Clear Capital’s recent acquisition highlights the company’s investment strategy of purchasing value-add opportunities with strong cash flow and significant location and operational upside in high barrier-to-entry markets. This investment aims at providing investors a current cash yield with a double-digit levered IRR over a 5-Year hold period.
“Aspire Eugene is the perfect representation of Clear Capital’s investment thesis,” added Eric Sussman, a founding partner at Clear Capital, LLC. “The community represents a compelling value-add opportunity in a highly desirable, yet under-the-radar secondary investment market that the firm feels will continue to strengthen economically over the next decade. Eugene, OR is an excellent city with diverse employers across the medical, technology, and educational sectors, award-winning schools, and a lack of new apartment construction, which are all factors that position the market for continued growth. We are thrilled to continue expanding our portfolio in the Oregon market and we look forward to serving our private and institutional investors with this investment.”
Aspire Eugene is ideally located, adjacent to Coburg Road, providing direct access to the city’s largest employers and plenty of retail within walking distance. The property benefits from 9.6 million square feet of retail within a 3-mile radius and has easy access to Highway 569 and Interstate 5 & 105, supplying an effortless commute to major employment centers, desirable retail, and quality healthcare and educational offerings throughout Eugene. The property is a 10-minute drive from Silicon Shire, which consists of a multitude of tech companies, compromising over 400 businesses, with 100 firms having over 100 employees. Known for providing renowned natural beauty and ample recreational opportunities, Eugene is Oregon’s second largest city with a population of 175,469. The year over year employment is expected to grow by an enormous 40.2% in the next 10 years which is why Eugene is ranked #17 out of 388 in the U.S for job growth. With population growth projected to increase by 5.5 % over the next 5 years, Eugene will experience the 2nd largest population growth by County in the state of Oregon, trailing only Portland.
About Clear Capital
Clear Capital, LLC is a Los-Angeles based private equity real estate investment firm specializing in multifamily real estate investments. The firm focuses on the acquisition, renovation, repositioning, and management of multifamily housing assets throughout the Western, Mountain, and Sunbelt regions of the United States. Clear Capital currently owns and operates a diverse portfolio of multifamily assets with over 5,000 units across the risk spectrum from Value-Add to Core. Clear Capital’s distinctive approach to investing in real assets has consistently produced above-average risk-adjusted returns for its private and institutional investors. For more information, visit www.ClearCapLLC.com
For more information or to make an investment, please visit clearcapllc.com. Follow us on LinkedIn and Facebook for the latest company developments.
Tania Kapoor Mirchandani
Vice President Capital Markets
firstname.lastname@example.org / (323) 642 – 9632