The property sold for 99% of its list price, according to sources close to the deal. Based on income from the existing tenant, the purchase price represented an 8.1% capitalization rate. Information was not immediately available on the remainder of the lease term.
The seller was the Mitchel-Kocken Trust of Portland. The buyer was Rudi DeGrinis of Thousand Oaks, CA. The seller was represented by David Guido and Sanford Burstyn. Sean Mack of Marcus & Millichap represented the buyer.
A couple of small Portland apartment sales also were brokered this month by Marcus & Millichap. Brokers Denise Tritcak brokered both sides of the $525,000 sale of The Inverness at 131 SE 24th and The Apollo at 1811-1829 SE Stark St. Both were sold by individual investors to individual investors.
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