Eugene, Oregon apartment complexes that have been built since 2012 with high amenities are achieving some of the nation’s highest occupancy levels exceeding 98%. This submarket also has some of the highest multifamily rent per square foot and is located within 2 miles from the University of Oregon. This success has been fueled by the university's consistent enrollment – 24,548 students, and the rising price of Eugene/Springfield single family homes. Furthermore this submarket has been on the rise due to an increasing number of affluent foreign students and young urban professionals willing to pay top-dollar rents to live in higher-amenity apartment complexes close to top-notch restaurants and stores.
Chase Crossing Apartments built in 2012 is about 2 miles from the University of Oregon, is on a major bus line to campus, has 179 units occupied with about 65% students and 35% young professionals. The complex is comprised of all 60% studios and 40% one bedroom units. Rents go up to $795 for a studio apartment and $915 for a one bedroom. Amenities include balconies, granite counter tops, stainless steel appliances, washer and dryers, a swimming pool and a workout/fitness room. The high-amenity Uncommon Apartments built in 2014 – close to downtown and about a quarter mile from campus -- has studios that go up to $1295. Park Place Apartments has studios at up to $925, one bedrooms up to $1298, and two-bedroom units up to $1650. Older Eugene apartment complexes much further from campus, and those located in Springfield, are seeing only a moderate increase in rents in 2014.
This Eugene apartment submarket within a radius of 2 miles from campus still has a lack of single-occupancy units for students with studio apartments representing only 4% of the total units available and one bedroom apartments representing less than 10%. At Apartment Loan Store we provided the construction and permanent financing for Chase Crossing Apartments and Garden Way Apartments, both helping to fill this niche for single-occupancy units. Since 1997 we have specialized in student housing loans as well as Fannie Mae, Freddie Mac, HUD, CMBS and conventional multifamily financing.