Booming Residential Markets Ignite Portland, Seattle Multifamily Sales
- Oct 08, 2012
Two residential properties recently traded hands in the Pacific Northwest, totaling $88 million and intensifying speculation that Seattle and Portland are both about to experience apartment booms. An improving business environment spurred by corporate residents such as Microsoft Corp. and Amazon.com combined with the larger notoriety major cities such as Seattle and Portland have gained recently have created an imminent growth in housing needs. The institutional-quality residential properties were purchased by investors working with CBRE Group Inc.’s Seattle multi-housing team.
An unnamed institutional investor acquired Lakemont Orchard, a 201-unit residential complex in Issaquah, Wash., for the total of $39.5 million. The apartment complex is located along the I-90 corridor between Bellevue and Issaquah and offers residents an amenity package that includes an outdoor swimming pool, fitness facilities, a club room and a business center. Tenants enjoy close proximity to local businesses including Costco, T-Mobile and Siemens. The per-unit rate the new owner paid seller Invesco comes in at around $196,510.
The other deal making waves in the Pacific Northwest’s residential market was the purchase of the Axcess 15 apartment community in Portland. Sold by Holland Residential to Waterton Residential for $48.6 million, the 202-unit property is one of the city’s highest-rated mid-rise residential complexes. Located in the vicinity of the massive Lloyd Center retail complex, as well as Portland’s MAX light-rail transportation system, Axcess offers residents a strong location in one of the United States’ emerging cities.
Image courtesy of apartmentguide.com