Location: Seaside, Oregon

River Run Apartments is a 66-unit Class A multifamily development currently under construction in the supply-constrained Seaside, Oregon market. Situated along the Necanicum River, the project offers rare new-construction rental housing in a market dominated by aging inventory and limited residential growth. This 3-story walk-up was designed to deliver long-term, durable cash flow and significant equity upside upon stabilization. The project was capitalized through a combination of internal equity and bank financing, allowing for strong leverage while maintaining full development control.

Once completed, River Run will offer tenants high-quality living near coastal amenities, and investors a well-positioned, professionally managed asset in a high-demand, low-competition submarket. With strong fundamentals, strategic timing, and proven execution partners, this development is expected to deliver both stable income and long-term appreciation.

Property Details

• Type of Property: 3-Story Multifamily Walk-Up

• Status: Under Construction

• Projected Delivery: 2025

• Total Units: 66

• Unit Mix: 1BR and 2BR floorplans (final mix TBD)

• Target Tenant Base: Workforce housing, long-term renters, and coastal professionals

Investment Overview

• Investment Date: February 1, 2024

• Exit Date: Still Held

• Initial Capital Raised: TBD

• Projected Profit: TBD

• Target Returns: TBD upon lease-up and stabilization

• Hold Strategy: Stabilized cash flow with potential refinance or disposition

Capital Structure

• Equity: Internal capital raised from principal partners

• Debt: Bank-financed construction loan

• Leverage Strategy: High-LTV construction loan paired with direct ownership for maximized IRR

Development Strategy

• Ground-Up Construction: Modern, durable building design with efficient layouts and finishes

• Site Work: Full infrastructure buildout including utilities, stormwater management, and landscaping

• Value Creation: Rental premiums expected due to lack of comparable new product in the Seaside area

• Exit Options: Lease stabilization followed by refinance, long-term hold, or market-timed sale

Investment Thesis

River Run is positioned to benefit from first-mover advantage in a market with minimal new construction and increasing renter demand. With strong seasonal traffic, a growing year-round population, and limited rental inventory, Seaside offers a unique blend of income reliability and appreciation potential. This project combines thoughtful design, proven financing structure, and favorable submarket dynamics to deliver strong projected returns and long-term equity growth.