Anchorage Overview
Anchorage sits in south-central Alaska, nestled between the Chugach Mountains and Cook Inlet. With an estimated population of 282,863, Anchorage is the largest city in the state. It forms part of the Anchorage Metropolitan Statistical Area (MSA), which covers 27,202 square miles and houses approximately 408,101 residents. The city offers stunning natural beauty and serves as a gateway to Alaska’s expansive wilderness, making it an attractive destination for both residents and visitors.
Anchorage is strategically positioned for international trade, with the Ted Stevens Anchorage International Airport and the Don Young Port of Alaska playing essential roles in facilitating regional and global commerce. Additionally, the Alaska Railroad connects Anchorage with other parts of Alaska and western Canada, providing essential transportation services. Although Juneau is the state capital, Anchorage hosts many state government jobs due to having a more accessible location.
The Anchorage metropolitan area thrives on key industries such as tourism and oil and gas. Visitors to Anchorage contribute over $1 billion annually to the local economy, showcasing the area’s popularity as a tourist destination. The oil and gas sector supports thousands of jobs and drives revenue through exploration and production activities. The city’s strategic positioning as an important regional economic center is also supported by its role as Alaska’s primary logistics, healthcare, military, and government hub. Most notably, approximately $2 billion of planned investment at Joint Base Elmendorf-Richardson and the anticipated addition of 2,600 to 2,800 servicemembers are expected to increase demand for off-base housing at a time when existing military family housing is effectively full and broader housing availability remains constrained. Anchorage’s healthcare and logistics sectors also continue to provide durable employment support, reinforcing demand for well-located workforce housing.
Sprawling Townhome Community
Built in 2006 on 5.25 acres, ReNew Bayshore includes 48 two-bedroom and 48 three-bedroom townhomes. The property offers a differentiated, family-oriented rental option for military households, students, and local families.
Significant Recent Capital Improvements
Over the past five years, ownership has invested more than $3 million in mechanical, electrical, plumbing, HVAC, fire and life-safety, structural, landscaping, and interior improvements. Boiler replacements in 38 of 96 units further reduce near-term maintenance needs.
Light Upgrades Show Proven Upside
Recent unit-turn upgrades and strong lease trade-outs demonstrate continued rent-growth potential. Targeted interior renovations provide an additional opportunity to capture higher market rents.
Rare Resident Amenities
Two-level homes feature in-home washers and dryers, radiant floor heating, private balconies with storage, oversized closets, and heated garage parking—valuable amenities during Anchorage’s winter months.
Minutes from South Anchorage Amenities
ReNew Bayshore offers convenient access to Dimond Shopping Center, Costco, Sam’s Club, restaurants, grocery stores, H2Oasis, and Cinemark.
Near-Zero Deferred Maintenance Remaining
Ownership has completed substantial capital work and is currently replacing roofs on eight of the property’s 12 buildings, along with approximately $50,000 in sprinkler-head replacements. Both projects are expected to be completed by late October 2026.
Stable Cash Flow with Organic Growth
The property generates durable in-place cash flow and has achieved strong lease trade-outs, including increases of up to $441 per month, or 19.6%, on three-bedroom floor plans. Two-bedroom renewal premiums have reached $383 per month, or 21.3%.
Flexible Leasing and Favorable Operations
Alaska’s landlord-friendly framework supports efficient operations, including seven-day pay-or-quit notices and typical 30- to 60-day timelines for the relatively infrequent eviction process. This flexibility can support occupancy and revenue management, particularly in Anchorage, where tourism contributes to seasonal and temporary housing demand.
Property Overview
ReNew Bayshore Townhomes
- ADDRESS
- CITY, STATE ZIP
- UNITS
- Avg. Unit Size
- YEAR BUILT
- Building Size
- Parking
- PARCEL
- LOT SIZE
- ZONING
- Municipality
Unit Mix
Unit
Type
Type
Count
Avg Unit
SF
SF
Total
SF
SF
Current
Rent
Rent
Market
Rent
Rent
2 Bed / 1.5 Bath
48
1,000
48,000
$2,115
$2,145
3 Bed / 2 Bath - A
24
1,322
31,728
$2,531
$2,595
3 Bed / 2 Bath - B
24
1,342
32,208
$2,498
$2,595
Total / Average
96
1,166
111,936
$2,315
$2,370
Unit
Type
Type
Monthly Rent
Annual Rent
Rent/SF
% of Total Units
2 Bed / 1.5 Bath
$102,960
$1,235,520
$2.15
50%
3 Bed / 2 Bath - A
$62,280
$747,360
$1.96
25%
3 Bed / 2 Bath - B
$62,280
$747,360
$1.93
25%
Total / Average
$227,520
$2,730,240
$2.03
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LOCATION
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