The company paid $6.1 million for Fair Oaks Village, a six building, 84-unit complex located at 3150 Southwest 185th Ave. The cap rate on the investment is approximately 6%.
Built in 1998, Fair Oaks Village includes 24 one-bedroom/one bath units, 12 two-bedroom/one bath units, 36 two-bedroom/two-bath units and 12 three-bedroom/two-bath units. Rents at the complex range from $495- to $895 per month.
Mark Zoffel CB Richard Ellis in Seattle, who advised the buyer in the transaction, tells GlobeSt.com the complex was about 85% leased at the time of sale and is now about 92% leased. Average occupancy in the greater Portland region is 91.4%, according to RealFacts, a Novato, CA-based provider of data on mulitfamily markets.
The seller, Fair Oaks 84-LLC, lists its principal place of business as 9500 SW Barbur Blvd,/Suite 300, home of Nicholas Investment Co. The transaction was brokered by Bill Younce of Sperry Van Ness' Portland office.
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