Buying, selling and operating apartments in Portland

Portland Apartment Sales Detailed – January 2012

<<<Jan12vsJan11 Portland-Area AptSales>>>

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

Attached is a table of Portland-area sales of apartment complexes greater than $450,000 in January 2012. We’ve included $/unit, $/sqft , unit count, year built and CapRate (as reported) and a comparison to January 2011 averages.  The overall increase in apartment sales continues.

There were 2 large transactions >200 units.  We’ve set another record in the $/unit pricing of $395,000.  However, this property (Museum Place) has one floor of retail (Safeway) which would probably drop the $/unit price to something around $375K which is still impressive.  In addition, a large complex in the South Waterfron neighborhood sold.

Unfortunately, this ardor has not transferred to smaller (<80 units) buyers and is contributing to an ongoing bid-ask spread between buyers and sellers.

The ongoing love affair with larger urban properties continues.  Is this a “hot” market?  Well, if you own larger Class A apartments, the answer is yes and your only issue is selecting the best offer.

Sellers – If the market is not as hot as you’d like, in any case, you need to make sure your NOI is the best it can be if you want top dollar and demand.  We can help you:

– Find out where you stand today compared to your competition

– What to work on to increase income

Buyers – A ‘hot” market can be good or bad.  The main thing is you need to understand what you are buying and have a game plan to make it profitable for you.

Smaller investors are still hesitant, but are coming back into the market. The factors driving growth in sales include:

– Low vacancy rates (<4% in Portland proper)

– Low interest rates (7-/10-year money available at <5%).  Right now, the spread between CapRates and prevailing interest rates is at high point which bodes well for buyers.

If you’d like more information on:

– Analyzing your property to maximize your income to see how you can make more money or get a higher sales price, or

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

– Free copy of our 80-page book – Buying, Selling and Operating Apartments

Please contact me:

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

Portland Apartment Sales – December 2011

<<<Dec11vsDec10_PortlandArea_AptSales>>>

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

Attached is a table of Portland-area sales of apartment complexes greater than $450,000 in December 2011. We’ve included $/unit, $/sqft , unit count, year built and CapRate (as reported) and a comparison to November 2010 averages.  The overall increase in apartment sales continues.

There were 3 transactions >200 units.  Since I’ve weighed the averages, this puts the $/unit higher than in Dec 10.  I will be sending an update of 2006-2011 averages next month, but if you want an earlier copy eMail me (steve.morris@svn.com)

The ongoing love affair with larger urban properties continues.  Is this a “hot” market?  Well, if you own larger Class A apartments, the answer is yes and your only issue is selecting the best offer.

Sellers – If the market is not as hot as you’d like, in any case, you need to make sure your NOI is the best it can be if you want top dollar and demand.  We can help you:

– Find out where you stand today compared to your competition

– What to work on to increase income

Buyers – A ‘hot” market can be good or bad.  The main thing is you need to understand what you are buying and have a game plan to make it profitable for you.

Smaller investors are still hesitant, but are coming back into the market. The factors driving growth in sales include:

– Low vacancy rates (<4% in Portland proper)

– Low interest rates (7-/10-year money available at <5%).  Right now, the spread between CapRates and prevailing interest rates is at high point which bodes well for buyers.

If you’d like more information on:

– Analyzing your property to maximize your income to see how you can make more money or get a higher sales price, or

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

– Free copy of our 80-page book – Buying, Selling and Operating Apartments

Please contact me:

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

Portland Apartment Sales – November 2011

<<<Nov11 vs Nov10 – Portland Area Apartment Sales>>>

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

Attached is a table of Portland-area sales of apartment complexes greater than $450,000 in November 2011. We’ve included $/unit, $/sqft , unit count, year built and CapRate (as reported) and a comparison to November 2010 averages.  The overall increase in apartment sales continues.

For reference, in November the sale of one apartment reached $360K/unit which is a record for Portland – So far.  The Broadstone Enzo was constructed as condos, however, hit the market too late for sales and was turned into rentals. 

Again, the ongoing love affair with larger urban properties continues.  As of today (29 Dec 11), December looks like a slower month, but there are going to be some larger Class A properties closing in Jan/Feb 2012 based on chatter.

Is this a “hot” market?  Well, if you own larger Class A apartments, the answer is yes and your only issue is selecting the best offer.

Sellers – If the market is not as hot as you’d like, in any case, you need to make sure your NOI is the best it can be if you want top dollar and demand.  We can help you:

– Find out where you stand today compared to your competition

– What to work on to increase income

Buyers – A ‘hot” market can be good or bad.  If you were convinced to over-pay in 2007, you may still be waiting for recovery.  Analyzing a property closely BEFORE purchase can ensure you are netting income regardless of price.

Smaller investors are still hesitant, but are coming back into the market. The factors driving growth in sales include:

– Low vacancy rates (<4% in Portland proper)

– Low interest rates (7-/10-year money available at <5%).  Right now, the spread between CapRates and prevailing interest rates is at high point which bodes well for buyers.

If you’d like more information on:

– Analyzing your property to maximize your income to see how you can make more money or get a higher sales price, or

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

– Free copy of our 80-page book – Buying, Selling and Operating Apartments

Please contact me:

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

Portland Apartment Sales – October 2011

Overall apartment sales have shown a marked increase. Demand by large investors for high-end properties (greater than 100 units in A/B+ locations and build) have driven a lot of the sales and average $/unit pricing.

Portland Apartment Sales – September 2011

Attached is a chart of Portland-area sales of apartment complexes > $450,000 in September 2011. We’ve included $/unit, $/sqft , unti count, year built and CapRate (where reported) and a comparison to Sept 10 averages.