Hickory Lake Apartments

305 E. Airport Rd., Lebanon, Oregon 97355


Offering MemorandumSoft Commitment

Minimum Investment



Now Accepting Accredited Investors

The Business Plan

“The 2020 Freddie Mac study (The Housing Supply Shortage, State of States) indicates Oregon having the greatest per capita housing deficit of all US States. Our business plan is to deliver a diverse unit mix at the highly price efficient rate of $220,000 per unit; while hedging the volatile debt markets with construction to perm financing, coupled with a forward rate-lock-agreement; for a targeted disposition during the next expansion phase of the real estate cycle.”

— Hickory Lakes Apartments, LLC Private Placement Memorandum

Asset Highlights

  • 60 Unit New Construction with Diverse Unit Mix
  • 1/2 mile to Riverview School
  • Across the street from Tallman Brewing & Food Carts
  • Adjacent to Safeway Grocery Store

Development and Financing Metrics

  • Total Project Costs: $13,200,000
  • As-Stabilized Appraised Value: $17,100,000 (Newmark Appraisal)
  • Construction to Perm Debt: $8,975,000 ~ 52% LTV (Willamette Valley Bank)
  • Fully Permitted; Q1 2024 Start
  • Offering More Than 50% Committed

ROI Metrics

  • 5‑Year Targeted Holding Period (4Q 2023 — 4Q 2028)
  • 19% Targeted Project Level IRR
  • 17% Targeted Investor IRR2.2x Targeted Investor Equity Multiple
  • 2.2x Targeted Investor Equity Multiple

I am interested in investing in Hickory Lake Apartments.

Are you an Accredited Investor?

Prior to acceptance of your investment, the Legacy Fund will require certification of an investor’s status. We will provide referrals to assist you in obtaining this certification.

Sponsored By


Prospective investors are not to construe the contents herein, or as described above, as legal, business, tax, accounting, investment, or other advice. Each prospective investor should consult its own advisers as to legal, business, tax, accounting, U.S. Employee Retirement Income Security Act of 1974, as amended, and other related matters concerning an investment in the Hickory Lake Apartments, LLC. Any reference to contribution and investment herein is not an offer to sell to any person, or a solicitation to any person to buy, such interests in any state or jurisdiction in which such an offer or solicitation would be prohibited by law or to any person who is not an “accredited investor” as defined in Regulation D under the Securities Act. Prospective investors will receive disclosure materials, including placement memorandum, covering the terms and conditions of any future sale or investment.