Built in 1969, Cornell West has nine one-bedroom/one-bathroom units and 10 two-bedroom/two-bathroom units with rents ranging from $525 to $625. The property is 100% leased and recently received a new roof and new exterior paint and new windows. Amenities include a swimming pool and laundry facilities. The property address is 1075 NW 123rd Ave.
Robert and Julie McGill of McGill Properties LLC sold the property to William DeBellis for $1.1 million, according to Bill Younce of Sperry Van Ness' Portland office, which represented the buyer in the transaction. John Pyle of Apartments Northwest LLC represented the seller. Younce says the buyer was completing a 1031 exchange.
Last month, Younce represented an unnamed California investor in the acquisition of two small multifamily properties in close-in Northwest Portland. In that deal, the investor, also in a 1031 exchange, paid a combined $2.1 million for the 20-unit Katherine Apartments at 621 NW 23rd Ave. and the 16-unit Charlotte Rose Apartments at 2235 NW Johnson St.
Built in 1912 of wood frame and concrete foundation construction, The Katherine features eight studios, eight one-bedroom / one-bathroom and two two-bedroom / one-bathroom units with rents ranging from $550-$850. The Charlotte Rose was built in 1927 and features 10 studios and six one-bedroom/one bathroom units.
"Investors are continually looking to be net sellers in high priced, low-growth markets and be net buyers in the lowest priced markets with positive job growth," said Younce. "In this case, the buyer sold a six-plex in California at a very high price and exchanged into these properties in Portland."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
