Apartment Portfolio Goes For Nine Million Signaling Interest In Portlands Smaller Assets

Dated: April 21 2016

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Several sizable multifamily properties have changed hands over the past year or so as institutional investors have taken a liking to Portland.


But according to Colliers International, smaller apartment buildings are also becoming popular targets in the market.


The Martin, a 14-unit apartment in Northeast Portland, is part of a three-building portfolio that just sold for $9.05 million.

Case in point: a three-building portfolio with a total of 41units recently sold for $9.05 million.


John Evilsizor Realty, a California-based real estate company, purchased the three buildings: the 14-unit Martin, the 12-unit Louie and the 15-unit King apartments. All are located on Northeast Martin Luther King Jr. Blvd. and all were built in the past three years.


The seller, MRMRT, a Portland area developer, was represented by Colliers vice president Skip Rotticci, associate Alexander Cheng and associate Kenneth Verbeck.


“It’s the right time for smaller assets,” Rotticci said in a release. “The desirability of smaller properties located in high-growth areas presents a wider and deeper range of buyer interest than just institutional investors.”


According to Colliers, smaller assets of between 10 and 30 units offer competitive rents and are easier to lease, upgrade and maintain. Their appeal for investors in Portland is likely to continue.


“The volume of sales for smaller assets will increase,” Cheng said.


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Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

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