Nearly 8 acres of development-ready land is now available to purchase in SE Bend. Listed by Gary Clow, broker for Total Property Resources LLC, Woodhaven, as the project is known, consists of 7.99 acres of prime SE Bend land.
Located between Daly Estates Drive and Pettigrew Road, it is comprised of 9 tax lots with pre-approved development plans for a total of 155 units and 15 buildings. “However, current city zoning allows for up to 173 units for the buyer to maximize the land and reduce the cost per door”, says Gary.
Gary Clow represents the sellers, Daly Estates Investments LLC, who purchased the land in 2006 with the intention of creating a residential housing development. The initial acquisition was 6.65 acres, subsequently, an adjacent property was acquired bringing the total to 7.99 acres for development. Zoning changes allowed for the development plans to evolve from single-family residential homes to higher density apartment complex buildings.
Referencing the location, the Seller remarked, “There are few pieces of development land within the city of Bend’s Urban Growth boundary that are flat and ready to be developed, we see a lot of value in that.” They continue by stating, “This land is in a great, central location near shopping, medical, schools, the senior center, parks, public transportation, and the highway. For those working, or going to school on the Westside of Bend, but looking for the more affordable housing often found on the Eastside, this location is ideal.”
Offered at $4,250,000, Woodhaven is a great opportunity for developing much-needed multi-family housing in Bend.
Bend continues to be one of the top relocation destinations in the country as a recent Oregon State University study indicates, reporting that up to 20 people per day are added to the Central Oregon Population, creating a seemingly insatiable demand for multi-family and affordable housing.
To this point, as far back as 2012, rental vacancy rates in Central Oregon have consistently been under 2%, with the most recent data for Bend showing just a 1.04% vacancy rate. Capitalizing on the demand, savvy investors have been building and/or purchasing multi-family complexes throughout the city of Bend. One example of the rising demand from national and institutional investors is a record-breaking $45.5 million-dollar apartment complex sale in July of this year.
The City of Bend’s Comprehensive Plan is calling for even more growth, with an urban area population expected to reach 110,000 persons by 2028, and an unprecedented need for multi-family housing due to both growth and demographic factors. Additionally, Bend is a regional trade and service center for Central Oregon. More than two-thirds of the jobs in the county are in Bend. The wide-range of retail businesses, professional and trade services, and specialty trades draw in customers from a five-county area.
“We believe our buyer will be a savvy investor or developer, one who understands the long-term benefits of having a foothold in Bend and can appreciate the location and unique features this land offers.” Says Gary Clow, adding, “It is still a tight market and there isn’t anything available that is quite like this.”
BROKER IS AFFILIATED WITH TOTAL PROPERTY RESOURCES, LLC. LICENSED IN THE STATE OF OREGON.