(To read more on the multifamily market, click here.)
PORTLAND, OR-The 108-unit Parkside Commons Apartments here has changed hands for $6.3 million. HSC Real Estate Management out of Seattle sold the asset to Tuxedo Park LLC, which was completing a 1031 Exchange. The price equates to $58,333 per unit and $75.32 per sf.
The garden-style complex was constructed in 1980 on 7.11 acres at 8732 N. Columbia Blvd. The occupancy rate is 98%.
The unit mix is 30 one-bedroom one-bath units, 55 two-bedroom one-bath units and 23 three-bedroom one-bath units. The size range is 646 sf to 943 sf and rent range is $538- to $750 per month. Amenities include laundry facilities and garages.
Charles Brazer of Marcus & Millichap Real Estate Investment Brokerage represented the buyer. Brazer tells GlobeSt.com that HSC acquired the property about two years ago for about $3.5 million and invested more than $1 million upgrading the property. "They completed a top-to-bottom rehab that included new paint, carpet, tile and appliances," he says.
The purchase price translates to a 7.06 capitalization rate based on the property's 2006 pro forma, he says.
The buyer placed a new $5.04-million (80%) loan on the property. The interest rate on the loan is 5.35%.
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