Acquired, Branded and Managed
43-unit • garden-style apartments
The Reserve at Ashbrook was acquired in 2014 on behalf of private investment. The project was constructed in two phases and initially intended to be condos, thus the asset quality exceeds standard apartment construction. Located at the interchange of area shopping destination Washington Square and the desirable suburb of Lake Oswego, the asset is well positioned for sustained market appeal. Reserve at Ashbrook offers one and two bedroom townhouses, all with granite countertops and stainless steel appliances, attached garages, patios or balconies, generous additional parking, and impeccably landscaped grounds.
To improve the sustainability of the property, GEM partnered with Energy Trust of Oregon and was able to upgrade 80% of property lighting to LED bulbs, and all bathroom plumbing fixtures to low-flow at no cost to the property. GEM also instituted the first multifamily composting program in the city of Tigard, which includes composting for all yard debris. Green cleaning supplies are now provided to all residents at move-in.
When Reserve at Ashbrook was acquired, the asset was rebranded and received a new website and updated marketing collateral. As a result of the repositioning and improvement efforts by GEM, rents increased over 15% from the acquisition in 2014 to the sale in 2018. GEM managed the property until it was sold in January 2018.