Orchard Crest Apartments 3207-3275 NW Orchard Ave 27 Unit Apartment Building $12,862,866 CAD ($476,402 CAD/Unit) 3.17% Cap Rate Corvallis, OR 97330

» Campus-Adjacent Location Supporting Durable Rental Demand
Irreplaceable Campus-Adjacent Location Orchard Crest Apartments sits directly
adjacent to Oregon State University a nationally recognized flagship research
institution and one of the most compelling student housing markets in the
country. Properties at this proximity to a major university almost never trade. The
location creates a durable competitive advantage that no new supply further
from campus can replicate.
» Year-Round Demand Beyond Undergrads
Proximity to OSU supports a broad renter profile including graduate students,
university staff, visiting faculty, and campus-adjacent professionals — expanding
demand beyond traditional undergrad housing and supporting year-round
occupancy that reduces seasonal volatility. Corvallis’s 2023 designation
as a federal Regional Technology Hub, with projections of 5,000 to 12,000
new jobs by 2033, adds a further layer of non-student demand to an already
undersupplied market.
» Prime Infill Site with Redevelopment Potential
The 0.98-acre site offers scale, frontage, and proximity ideal for purpose-built
student housing or higher-density multifamily redevelopment. Existing 1964
improvements provide near-term income while allowing investors to capitalize
on long-term land value through redevelopment into a modern, institutional-quality asset.
The property is currently zoned RS-12, and the City of Corvallis has
indicated a willingness to entertain an upzoning for higher-density residential
development on the site.
» Prime Infill Site with Redevelopment Potential
20,000+ Students Need Off-Campus Housing in Corvallis Oregon State’s Corvallis campus
enrolls over 25,000 students, yet on-campus housing accommodates roughly 21% of the
student population leaving more than 20,000 students reliant on off-campus housing in
Corvallis alone. With 29 consecutive years of system-wide enrollment growth and continued
investment in the Corvallis campus, this structural supply-demand imbalance supports
strong occupancy fundamentals and provides a durable foundation for rent growth and
redevelopment feasibility. Corvallis is classified as Oregon’s most rent-burdened community,
with 37% of households severely cost-burdened a direct reflection of persistent housing
undersupply.
» Significant Barriers to New Supply Near Campus
Infill land parcels of meaningful scale adjacent to OSU are extremely scarce, and zoning
constraints, entitlement timelines, and land assembly challenges limit future competition. This
supply-constrained environment positions the Property as a rare opportunity to control a
premier redevelopment site in an irreplaceable location.
» Strong Investor Demand in Comparable
Redevelopments In 2025 alone, two campus-area student housing properties traded in
Corvallis: The Union (68 units) was acquired by Cardinal Group Companies, and Santana Court
(70 units, entitled for up to 650 beds) was acquired by Article Student Living — underscoring
institutional conviction in the OSU-adjacent redevelopment thesis. Continued capital targeting
purpose-built student housing reinforces pricing support and provides clear exit optionality
following redevelopment or stabilization.