Investment Real Estate • www. hfore.com • (503) 241.5541

TARALON APARTMENTS4.46 ACRE PARCEL

SE Taralon Drive & SE 162nd AvenueHappy Valley, Oregon

TARALON

Taralon Community Center

1TARALON • 25.7 UNITS/ACRE • HAPPY VALLEY, OR

The Taralon Apartments Land (4.46 acres) is part of the 97-acre Taralon Master Planned Development (MPD) and benefits from an exceptional location in the city of Happy Valley. The land surrounds the Taralon MPD’s clubhouse and has services to site. There is a proposed development that is approved by the City of Happy Valley for 132 apartments between 3 buildings.

Established in 2010, the Taralon MPD is primarily single-family residences with a central clubhouse that features a gym and seasonal pool. The Taralon Apartment Land would be the only multifamily development in this exclusive neighborhood. The 4.46 acres surround the existing clubhouse and pool. The proposed development places the Taralon clubhouse as a center pointe of the apartments. The Taralon Apartment Land is subject to the Taralon Master Plan and a shared use agreement provides for access to the clubhouse and amenities of the community.

Happy Valley is one of the Portland metro area’s newest cities and major employers include Kaiser Permanente’s Sunnyside Medical Center and Xerox. Taralon is less than 3.5 miles from the Kaiser Medical Center and less than 4 miles from Clackamas Town Center which includes connections to the MAX light rail. The neighborhood is part of the North Clackamas School District No. 12, one of the metro area’s stronger school districts. Residents of the Taralon neighborhood attend the following schools:

EXECUTIVE SUMMARYSITE SUMMARYProperty Land parcel located at the intersection

of 157th Avenue and 162nd Avenue, subject to the Taralon Master Plan

City Happy Valley

County Clackamas

Size +/- 4.46 acres / 194,277 Sq Ft

Zoning Happy Valley Mixed Use Residential (MUR-X)

MUR-X Mixed Use Buildings with Residential Emphasis. Residential and retail combinations with the primary use of the building being residential.

Development Standards

Density

Lot Coverage

Landscaping

Setbacks

Building height

25.7 units/acre

18.6%

28.8%

10 ft

53/5 ft

School RatingOregon Trail Elementary School A-Rock Creek Middle School BClackamas High School A-

For More Information

Cody Hagerman • cody@hfore.com

Investment Real Estate 2424 SE 11th AvenuePortland, Oregon 97214

www.hfore.com(503) 241.5541Fax: (503) 241.5548

Brokers licensed in the States of Oregon and Washington.

PricePrice ($) $5,000,000

$ per Acre $1,121,076

$ per Unit * $37,879

$ per Sq Ft $25.74

* Based on proposed development of 132 apartment units.

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LOCATION

TARALON

Clackamas High School

Taralon Community

Center

212

213

224

224

205

205

Mt Talbert National Park

Hood View Park

SE Sunnyside Rd

SE Johnson Rd

SE Jennifer St

SE 172nd Ave

SE 174th Ave

SE 142nd Ave

SE 122nd Ave

SE 192nd Ave

SE 97th Ave

Distribution Center

LOCATION

COLUMBIA RIVER

Portland Downtown

Lake Oswego

Clackamas

Happy ValleyMilwaukie

West Linn

Gresham

205

5

26

213

99E

212

224

Taralon

3TARALON • 25.7 UNITS/ACRE • HAPPY VALLEY, OR

Total # of Units 132

Total # of Buildings 3

Parking 240 spaces132 bike parking

Unit Mix Count1 Bedroom 362 Bedroom 843 Bedroom 12

TARALON APARTMENTSThe following proposed development was reviewed by city staff in 2016, which recommended approval of the site plan as proposed.

A one-year extension was applied for and approved for completion. The new deadline for completion is May 25, 2019. Under the current development code, no additional extensions are available.

PROPOSED DEVELOPMENT

Taralon Community

Center

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A7

PREL

IMIN

ARY

CO

LOR

EDLA

ND

SCAP

EPL

AN

20,34143,891

64,232

81,012

PROPOSED DEVELOPMENT

Property line

5TARALON • 25.7 UNITS/ACRE • HAPPY VALLEY, OR

Taralon

Taralon Community Center

6 HFO INVESTMENT REAL ESTATE

Taralon

Taralon Community Center

Taralon

Taralon Community Center

Hood View Park

7TARALON • 25.7 UNITS/ACRE • HAPPY VALLEY, OR

Passion • Collaboration • SpecializationThis information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. ©2018 HFO Investment Real Estate LLC.

Build your legacy is a service mark of HFO Investment Real Estate. Licensed in the states of Oregon and Washington.

Investment Real Estate • www. hfore.com • (503) 241.5541

HAPPY VALLEY

RENTSHappy Valley’s rental supply is constrained, making it a competitive apartment market. The city attracts the area’s second-highest number of residents with college degrees. As a result, demand for rental housing will remain strong, and further rent growth is predicted.

EMPLOYERSAmong the area’s major employers are Kaiser Permanente’s Sunnyside Medical Center, which accounts for over 2,400 local jobs, as well as PCC Structural, Clackamas County and Xerox, each employing between 1,000 and 2,000 area residents.

The city of Happy Valley was incorporated in 1965, and is located in Clackamas County. Its population as of July 2017 was 21,196, an increase of approximately 48% since 2010. Happy Valley’s population is more educated on average than all of Clackamas County, with 52.6% of residents holding a Bachelor’s degree or higher. Median household income is $106,197, well above county and national averages. The Oregonian even dubbed Happy Valley the “richest town in Oregon” in 2015 and the wealthiest place in Clackamas County in 2017.

Happy Valley is proud of its small-town feel, and of its schools, small businesses and parks, all of which provide families with an inviting, safe community.

SHOPPING AND ENTERTAINMENTHappy Valley is near the Clackamas Town Center—the area’s largest shopping destination. This 1.3 million square-foot regional mall includes Macy’s, Nordstrom, Sears and JC Penney. Entertainment venues include a 20-screen Century movie theater. Clackamas Town Center offers an additional 180 stores, shops and restaurants.

Another highlight of Happy Valley is the Eagle Landing Golf Course, a beautifully maintained 27-hole Par 3 course located off SE Causey Avenue.

Among Happy Valley’s most popular annual events is its Pickathon which is held on the grounds of Pendarvis Farm and features a wide array of modern popular music acts. Pickathon attracts large crowds, and offers camping facilities for visitors to this three-day music festival.

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