Portland-Area Apartments Command Record Price
- Mar 24, 2016
Woodburn, Ore.—A private investor has acquired the Barclay Square Apartments, a 70-unit apartment property in Woodburn, Ore., for $6.27 million, from an investor with holdings in Oregon and Washington.
At $89,571 per unit, the transaction represents the highest apartment price ever recorded in the city of Woodburn.
Marcus & Millichap represented both parties in the transaction.
“The record price achieved here in Woodburn is a reflection of prices currently being achieved throughout Oregon’s secondary and tertiary markets,” Georgie Christensen, a multifamily specialist in Marcus & Millichap’s Portland Office, said.
Located at 2377 West Hayes Street, the property totals 46,000 square feet and offers one- and two-bedroom units. The Barclay Square Apartments feature plenty of off-street lighted parking, a fenced playground area and coin-operated laundry rooms with brand new high efficiency front-load washers.
Woodburn is approximately 30 minutes outside of Portland.
According to Colliers’ most recent Portland Multifamily Report, the apartment market is expected to see moderate growth in 2016. Colliers interprets the rent, inventory, and population trends below as indicators that rent growth will continue, but likely at single-digit levels more tolerable for renters that still yield attractive returns.