Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Ducks Village, a 230-unit, 650-bed student housing asset in Eugene, Oregon.
“This is a well-timed investment as the University of Oregon welcomed its largest-ever freshman class in 2021,” said Joel Dumes, senior managing director investments in Marcus & Millichap’s Cincinnati office. “Additionally, apartment rents in Eugene have increased by over 56 percent in the past decade and the city has seen year-over-year rent growth of 9.6 percent.” Dumes and Marcus & Millichap’s Patrick Mullowney had the exclusive listing to market the property on behalf of the seller, a limited liability company. Dumes and Mullowney also procured the buyer.
“The purchase gives our buyer the opportunity to continue the interior unit renovation program and take advantage of this asset’s enormous upside potential,” said Mullowney. “The property was built in 1995, and a variety of improvements to units have been made since 2014. To date, 75 of the 230 units have been renovated, leaving ample value-add opportunity.”
Ducks Village is a 22-building complex located adjacent to the University of Oregon. Community amenities include a recently renovated clubhouse, resort-style swimming pool, fire pits, fitness center, basketball courts, and tanning booth. The average unit size is 1,066 square feet. Adam Lewis, vice president and regional manager is Marcus & Millichap’s broker of record in Oregon.