Buying, selling and operating apartments in Portland

Individual Portland Apartment Sales >$450K – May 2013 | 28 June 2013

<<<May13vsMay12Sales>>>

RIGHT-CLICK ABOVE LINK (and SAVE LINK AS) TO DOWNLOAD THE DETAILED REPORT

Attached is a list of individual Portland-area sales of apartment complexes greater than $450,000 in May 2013.  We’ve included $/unit, $/sqft , unit count, year built and CapRate (as reported) and a comparison to April 2012 averages.  May 13 had 1 large sale of 300 units which skews the weighed averages.

COMMENTS – Transaction volume has dropped even though there are willing buyers for properties in avg-good shape located in better neighborhoods.  These neighborhoods include downtown and close-in East and West Portland.  In addition, Hillsboro/Beaverton continue to be the nexus of job growth for the Portland area with Washington county (Beaverton/Hillsboro) expected to exceed the population of Multnomah county (Portland proper) within 20 years.

Sellers are still enjoying net income growth from rent increases due to demand.  However, we feel this will level out by year end and the fight to grow net income will re-focus onto expense management.

Side note for apartment owners – The Oregon legislature is considering a bill which will not allow a landlord to base tenant acceptance on whether they use an individual Section 8 voucher for rent payment.  Details are at:

http://gov.oregonlive.com/bill/2013/HB2639/

If you feel strongly either way, please be sure to make your elected representative aware of your feelings.

We’ve issued our 2007-2012 history broken down by county.  If you’d like a copy, eMail me and I can send under separate cover when done.

If you’d like more information on:

– Details/background on individual sales in the report, or

– 5 year history on the Portland apartment market, or

– a Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris – Senior Advisor Multi-Units
Sperry Van Ness – Bluestone & Hockley
steve.morris@svn.com  / (503) 970-4593

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