Portland Multi-Housing Portfolio for Sale

Monday, February 13, 2017

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale an eight-property multi-housing portfolio comprising 159 completed apartment units and an additional 30 units still under construction in Portland, Oregon.

Seven of the properties were constructed between 2011 and 2015, the portfolio property that is currently under construction is scheduled for completion in the second quarter of 2017. The properties in the apartment portfolio for sale are strategically located within the inner-ring of central Portland and provide unrivaled access to large employment centers and public transit lines as well as proximity to abundant retail, recreation and entertainment options. Additionally, the portfolio has the benefit of diversity across six of Portland's top submarkets.

The multi-family portfolio’s efficiently designed units garner significant interest from young professional renters from a variety of industries who demand a walkable, urban lifestyle. While the average asking rent for units constructed since 2011 in downtown Portland exceeds $1,762 per month, the portfolio assets offer an economically attractive alternative, with an average achieved rent of $1,306 per month, a discount of $456, or roughly 26 percent. This unique strength allows the portfolio to sidestep oversupply issues and maintain low turnover and above market occupancy.

The properties’ desirability within the rental market is evidenced by impressive historical occupancy rates well in excess of 95 percent and a current occupancy rate of 98.1 percent. The commercial offering provides a rare opportunity to acquire a portfolio of recently-constructed assets that are woven into the urban fabric of Portland, one of the nation’s top-performing apartment markets.

The average unit size ranges from 396 to 614 square feet. The portfolio consists of:

  • Goose, 1415 SW Columbia Street, 23 units
  • Water, 0103 SW Meade Street, 29 units
  • Provi, 720 NE Glisan Street, 23 units
  • Tabor, 5607 East Burnside Street, 39 units
  • Harold, 5450 SE Milwaukie Avenue, 11 units
  • Powell, 3730 SE Powell Boulevard, 30 units (under construction)
  • Sherm, 1101 SE Sherman Street, 10 units
  • Spruce, 100 SE Sherman Street, 24 units

For more information on these apartment properties for sale or other Portland commercial properties on the market, please contact HFF Directors Brian Hanson or Carrie Kahn in HFF's Portland office.  For information regarding financing options contact HFF Associate Director Erica Christensen

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