The Fillmore Apartments
About This Property
Marketing description
The Fillmore Apartments represent a rare opportunity to enter a nationally-desired campus market that happens to be in Oregon's most rent-burdened market. Corvallis and OSU will remain severely supply-constrained for the foreseeable future. Home to the state's largest university, Corvallis' anti-development policies have throttled competition from new construction seen in other campus markets, making multifamily investments in Corvallis align with basic supply/demand fundamentals.
The property offers operational upside from an ongoing RUBS implementation plan and presents efficiency gains through a future focus on either campus or workforce housing. Each of the 204 studios (51 quads) has private entrances and each unit includes a closet and vanity with a sink. Each quad has a kitchen and one full bath and one half bath. Nearly half of the units have been remodeled. Current ownership has invested over $1.5 million of capex into the property.
Investment highlights
- A short walk to campus, yet located close to downtown core and commercial areas.
- 90 off-street parking spaces
- Onsite laundry
- RUBS policy only just began, which will lead to continued revenue increases throughout 2026
- New ownership could take the property in a more unified and cohesive student housing or workforce housing direction
- Seller is repositioning capital to an East Coast project
- Many turns are completed in summer
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