Portland is one of the markets to gain population during the pandemic. The growth has carried into 2021, and it is supporting healthy multifamily investment activity. According to Adam Levin, executive managing director of Levin Johnston of Marcus & Millichap, population in Portland grew by 30,000 residents last year, and this year, the local population is nearing new records.

"Portland remained resilient during the pandemic," Levin tells GlobeSt.com. "This increase has continued into 2021 with the greater Portland metro experiencing its highest population this year, resulting in an increased need for quality multifamily communities in the region."

Marcus & Millichap closed the sale of Provi Apartments in Portland, which Levin says is an example of the investment activity in the market. "It benefits from a rare location in a primarily single-family neighborhood and directly across from a huge employer," he says. "This property capitalizes on an area that continues to show an increase in rental demand driven by suburban in-migration and the region's relative affordability as compared to other West Coast markets."