Location: Astoria, Oregon

River Grove Apartments is a boutique 1–2 bedroom apartment community located in the River Point neighborhood of Astoria, Oregon. Recently remodeled, this walk-up multifamily asset offers modernized interiors, essential amenities, and a tenant-friendly operating model in a scenic and resilient coastal market. With a small footprint and efficient unit layouts, River Grove provides strong per-unit cash flow and operational simplicity, making it an ideal long-term hold.

Targeting affordability-conscious renters in a high-demand area with limited new supply, the asset benefits from upgraded finishes, pet-friendly policies, and proximity to local schools, trails, and retail. The project continues to demonstrate healthy occupancy and tenant retention, offering reliable income and long-term appreciation potential.

Property Details

• Type of Property: Walk-Up Multifamily

• Status: Stabilized

• Year Built / Remodeled: Original vintage (remodeled in 2023)

• Total Units: 41

• Unit Mix:

  • 1BD / 1BA (~450 sq ft)

  • 2BD / 1BA (~550 sq ft)

• Tenant Profile: Workforce housing, small families, and long-term residents

Investment Overview

• Investment Date: TBD

• Exit Date: Still Held

• Initial Investment Amount: TBD

• Projected Profit: TBD

• Projected ROI: TBD

• Hold Strategy: Long-term cash-flowing asset with minimal capex

Capital Structure

• Equity: Internal capital (likely)

• Debt: Renovation financing (assumed)

• Leverage Strategy: Light repositioning with low basis, optimized for yield

Development Strategy

• Interior Renovation: New paint, laminate flooring, and appliances

• Systems Upgrades: Updated building infrastructure to modern standards

• Tenant Experience:

  • On-site coin-operated laundry

  • 24/7 maintenance response

  • Online maintenance portal

• Utilities Included: Water, sewer, and garbage included in rent

• Pet Policy: Allows large dogs and cats (2 per unit), increasing renter appeal

Investment Thesis

River Grove represents a low-friction, high-efficiency rental asset in a stable Oregon coast submarket. With upgraded interiors, minimal deferred maintenance, and simple operations, the property is positioned to deliver reliable income and low capex over time. The tenant base is sticky, the rent structure includes utilities, and demand remains strong due to the lack of new Class B inventory in Astoria. This is an ideal asset for yield-focused investors seeking predictable cash flow with long-term upside.