Portland Area Apartment Sales Are Off And Running In 2016

Dated: March 29 2016

Views: 676

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 25+ years in the industry, Mark has gained experience in....

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