Apartment Community in Portland Area Trades for $11M
- Oct 02, 2017
The apartment community known as Mountain View Apartments was sold by a regional private investment partnership. The property is situated at 2185 38th Ave. in Longview, Wash., and comprises 130 units. Its location near Ocean Beach Highway puts it close to downtown Longview, while Portland is a one-hour drive away, via Interstate 5.
“The property is a well-maintained asset that has received substantial capital upgrades and is poised to capitalize on inevitable local rent growth,” said George Miller, first vice president of investments at Marcus & Millichap, in prepared remarks. Miller represented the buyer, a regional private investor who acquired the 6-acre property for $10.6 million, or $81,385 per unit, while Whitney Rhoades and Staci Walbridge, associates at Marcus & Millichap’s Portland office, represented the seller. Another of the firm’s teams recently closed on a luxury apartment community in Portland, in a $48 million deal.
“Located near Oregon’s border, less than 50 miles from Portland, Longview benefits from Portland’s low vacancy rates, but has more affordable utility costs and no state income tax,” said Whitney Rhoades, senior associate at Marcus & Millichap, in a prepared statement. Downtown Longview is a 10-minute drive away from the community, and home to a number of employees, such as Lower Columbia College, WinCo Foods, Bed Bath & Beyond, PeaceHealth St. John Medical Center and Pacific Lumber & Shipping Co.
A large number of recreation, shopping and dining options are available in the area, as well. Two golf courses are situated within a 10-minute drive of the property: Mint Valley Golf Course and Longview Country Club. Residents of Mountain View Apartments are within walking distance to several schools in the Longview School District.
Image courtesy of Marcus & Millichap