Portland Area Apartment Sales Are Off And Running In 2016

Dated: March 29 2016

Views: 694

While last year marked a record for multifamily sales in the Portland metro region, 2016 has so far not eased off one bit.

According to Steve Morris, a senior adviser with Sperry Van Ness | Bluestone & Hockley who monitors multifamily sales, February 2016 racked up $200 million in 22 sales.

Pacific Urban Residential purchased the Spyglass Hill apartments in Beaverton for nearly $25.4 million. The sale was a recent one that has helped the multifamily market remain an active and strong one in the first few months of 2016.

The same month last year saw more transactions — 29 — but a lower total sale amount of $188.2 million, a difference of about 6 percent.

What powered February 2016's solid performance were higher averages for a range of metrics, from overall price to price per unit and price per square foot. According to Morris, the average price in February of this year was close to $9.1 million; last year it was at $6.5 million.

Likewise, average price per unit this past February was $177,364, while last year it was down at $120,737, a difference of 47 percent.

The first two months of both 2015 and 2016 recorded total sales close to $354 million. The total number of sales in the first two months of 2015 hit 53 while this year's total for the first two months came in at 47.


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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 30 years in the industry, Mark has gained experience in ....

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