Residential Community Doubles in Value in Three Years
- Oct 28, 2015
Portland, Ore.—HFF recently announced the successful marketing and sale of a Lake Oswego residential community.
An HFF investment team led by Managing Director Ira Virden and Associate Director Kerry Hughes handled the transaction on behalf of seller Fowler Property Acquisitions. Pacific Urban Residential paid $15.5 million for the garden-style asset. The purchase price is more than double what FPA paid for the property in 2012.
Located at 15000 Dsavis Lane in one of southern Portland’s fastest growing suburbs, The Mark offers 82 residential units. The property occupies a 6.5-acre lot in the vicinity of main transit lines such as the I-5 and Highway 217, which lead to downtown Portland. Major employers such as Intel and Nike call this area home, which is part of a sum of factors that has led to accelerated rent and property value appreciation during the current cycle.
Residents have access to an amenity package consisting of a swimming pool, sundeck, barbecue area, 24-hour gym, business center, and clubhouse. Nearby retail center Lake View Village and Bridgeport Village provide further incentive for renters to move in to the area.
According Yardi Matrix, the average rent for a unit at the asset stands at $1,335. Portland is currently leading the nation in terms of rent growth, with current rates now more than 16 percent higher than they were during the fall of last year.
Image via Yardi Matrix