On November 21, 2014, Cumberland Holdings acquired the 176 unit Heritage Apartments in Eugene, Oregon for $13,150,000. The property is located adjacent to Sheldon High School & Sports Complex along Coburg Road, a major shopping and transit corridor in central Eugene. The improvements were developed in 1976 on a low density site with mature landscaping.
The community was rebranded Sheldon Butte Apartments. The renovation budget exceeded $1,000,000 to redevelop the clubhouse and pool to contemporary amenities, install comprehensive landscaping improvements, and modernize the residential units. Since completion, the property now competes at the upper end of the rental market.
Affinity Management provides property management services. Prudential Mortgage Capital arranged a Fannie Mae fixed rate 10 year term mortgage. Equity was provided by a group of Cumberland’s private investors.
In August 2016, Cumberland closed on a $3M FNMA supplemental mortgage. The property appraised for $17.5M. The supplemental mortgage funds further value add improvements and returned 30% of Cumberland Investors' equity