Buying, selling and operating apartments in Portland

Individual Portland Apartment Sales >$450K – Dec 2014 | 29 January 2015



Attached is a list of individual Portland-area sales of apartment complexes greater than $450,000 in December 2014.  Included are $/unit, $/sqft , unit count, year built and Cap Rate (as reported) and a comparison to Dec 2013 averages.

Dec 2014 and Dec 2013 showed a year-end burst of activity.  Dec 13 sales = 29% of total 2013 sales and Dec 14 sales = 12% of total 2014 sales.

The total dollar volume was $182M (Dec 14) vs. $307M (Dec 13).   Dec 13 had SEVEN large (>100 units) sales and Dec 14 had FIVE large sales.

While things are slowing down from 2013, here are a few projections/trends for 2014 to consider:

  • Total sales $ is the best year ($1.49B thru 31 Dec 14) ever (2nd best 2011 = $1.14B) in the Portland METRO
  • Individual transactions are at 197 thru 31 Dec 14.
  • CapRate is only reported and may or may not be actual.

One trend driving this is that some very large sales in prime locations are driving a lot of sales.  Smaller operators are quite happy with returns currently and there are few listings.  A lot of deals are being done “off-market”.

2015 returns will be driven by interest rates and operating dynamics (including vacancy rates in higher end, new construction and expenses growing faster than rents.)

If you’d like an early notice of our 5 year (2009-2014) review of the Portland apartment market, let me know and I’ll send an early copy.  If you’d like last years report (2008-2013), I can send a copy now.

If you’d like more information on:

– Details/background on individual sales in the report 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  / (503) 970-4593

OR Principal Broker License 2002002054 / WA Managing Broker License 24512

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