Stone Ridge Luxury Apartment Homes
Pendleton, OR · 33-Unit Luxury Conversion
Investment Overview
From Abandoned to Luxury
Stone Ridge Luxury Apartment Homes is the complete conversion of an abandoned U.S. Forest Service building in Pendleton, Oregon into 33 luxury apartment homes. Acquired off-market at just $440,000, the property was fully rezoned, permitted, and constructed into a modern Class B apartment community.
Construction is now 100% complete, and the property reached 100% occupancy in July 2026, a major stabilization milestone. EagleCap is evaluating exit options, including a sale as a multifamily asset or individual condo conversions.
Investor login (current investors)Why Stone Ridge
Key Highlights
Acquired at just $440,000 with significant built-in equity at purchase. Fully rezoned and permitted for 33 multifamily units.
Hilltop location with views of the Blue Mountains and direct interstate access. Strong rental demand and limited new multifamily supply in Pendleton.
5-year property tax rebate to enhance cash flow. Strong local demand from healthcare, logistics, and drone technology professionals.
The Community
Modern Class B Finishes
Stone Ridge delivers a modern, Class B apartment community featuring premium finishes designed to attract and retain quality tenants in Pendleton's competitive rental market.
Solid surface countertops, tile backsplashes, luxury vinyl plank flooring, and in-unit laundry in every home.
Large clubhouse with fitness center and community amenities for residents.
Construction complete and 100% leased since July 2026. EagleCap is evaluating options to sell as multifamily or convert to condominiums.
Before & After
Project Photos
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Deal Structure
Investment Financials
| Metric | Value |
|---|---|
| Purchase Price (Off-Market) | $440,000 |
| Construction Budget | $4,300,000 |
| Total Project Cost | ~$5,900,000 |
| Secured Financing (75–80% LTC) | $3,660,000 |
| Investor equity | about $2.24 million (2019-20, closed) |
| Exit Strategy | Multifamily Sale or Condo Conversion (TBD) |
Our Roots
Why Pendleton, OR?
Pendleton is near the markets where EagleCap got its start. It is a region we know well: a high-demand rental market with limited new supply, a growing professional workforce, and strong fundamentals that align with our investment criteria.
Population of 17,000+ residents, part of the Hermiston-Pendleton MSA of 90,000. Limited apartment communities serving local professionals.
Job growth anchored by healthcare, drone research at the airport, agriculture, and logistics. Stable employment base driving consistent rental demand.
Median home price $337K with strong year-over-year growth, pushing residents toward rentals and creating pricing power for quality multifamily assets.
Investor FAQ
Frequently Asked Questions
What is Stone Ridge?
Stone Ridge is an abandoned U.S. Forest Service building in Pendleton, Oregon that EagleCap acquired and fully converted into a 33-unit luxury apartment complex. The building sat dormant for years before being transformed into a modern Class B apartment community, which reached 100% occupancy in July 2026.
What returns are expected?
Returns are currently unknown and will depend on the final exit strategy. EagleCap is evaluating whether to sell the property as a multifamily asset or convert and sell the units individually as condominiums. Investors will be kept informed as this decision develops.
Why Pendleton, Oregon?
Pendleton is close to the markets where EagleCap had its beginnings. It is a market we know and trust, with strong rental demand, limited new supply, and a stable workforce that supports consistent occupancy and rent growth.
Additional Questions?
Contact Jarom Pratt
Contact Jarom Pratt to get more information on Stone Ridge or to learn more about investing with EagleCap.