DEAL OF THE DAY: Portland, Ore. Apartment Sold at 3.6% Cap Rate
- Feb 07, 2008
By Anuradha Kher, Online News EditorPortland, Ore.–Sperry Van Ness has completed the sale of Forest and Garden Apartments, a 51-unit apartment community, to Portland-based Real Estate Recovery Associates-13th St. Investors LLC for $4.75 million. The property is located near the 5, 84 and 405 freeways at NW 20th and Hoyt/Irving St. in Portland.Bill Younce, CCIM, RECS of Sperry Van Ness represented the buyer and Riverview Bank Trust Department represented the seller, a Portland-based family trust. According to Younce, the community sold at 3.6 percent cap rate. Built in 1925 on .64 acres of land, the two-building property was 100 percent occupied at the close of escrow. The unit mix includes 22 studio units, 28 one-bedroom units and one two-bedroom unit with monthly rents ranging from $450 to $750.The property is located across the street from a city park and is walking distance from shopping and other amenities.“Northwest Portland is the oldest and most sought-after location to live and work in Portland, says Younce. “It has the highest residential density of any area in the state of Oregon. Many of the charming, older apartment buildings have been converted to condominiums causing the apartment rental rates to go up dramatically as vacancies are approaching zero percent,” adds Younce.