The portfolio consisted of a 16-unit building at 2000 S Second St., which traded for $2.9 million in cash; 5721 N 11th St., an eight-unit building that traded for $1.48 million; and the 7-unit 1100 N Kenilworth, which sold for $1.3 million. Each of the properties traded at a 5% cap rate.

Another interesting data point about this sale: these properties are all within the Housing Conservation District, Barreiro says. In practical terms this means building owners by right can no longer redevelop apartments into townhomes, which had been a popular exit strategy for years. “We sold these as cash flowing investments and not as redevelopment plays,” he says.

Barreiro believes that it was Amazon's headquarters that was the main mover behind these deals. “I don't believe the response would have been as aggressive. We closed on the properties within 60 days and two out of the three were at asking price. The third building was a very compelling all cash offer.”