Friday, September 23, 2016

When it comes to apatment sales, Gresham gives Portland a run for it's money

Parkside Aptment Homes, 2831 SE Palmquist Rd, Gresham, Or
I guess we shouldn't be surprised that outer East County has finally been discovered! Who wouldn't want to invest in our pleasant area? DANGIT!

Rent growth throughout the Gresham market continues to match or outperform many areas of Portland

For investors, Portland apartments have become all the rage in recent years. Now, some of the metro region's submarkets are picking up steam as well. 

One in particular: Gresham, at least according to HFO Investment Real Estate, which recently brokered the $37.25 million sale of the Parkside Apartment Homes there. 
“Rent growth throughout the Gresham market continues to match or outperform many areas of Portland,” said HFO partner Tyler Johnson, in a release about the sale. “As vacancies drop and rents rise, large institutional investors are taking advantage of the value added investments available in the submarket.” 
National research firm REIS notes that vacancies in Gresham are at just 1 percent and rents are expected to grow no less than 8 percent in the coming year. That makes the market an attractive one for outside investors. 
In the case of the Parkside Apartment Homes, a 225-unit development on 8.5 acres near Gresham's Gradin Community Sports Park, interest came from investors across the country. BEF Holdings of Los Angeles ended up sealing the deal, buying the apartments from New York private equity firm KKR. 
Along with Johnson, HFO's Cody Hagerman represented KKR in the deal. The transaction comes in the wake of another big one for HFO: the $23.75 million sale of the Sienna Pointe apartments in Bend, which set a new per-unit price high mark.

If you too want to invest in this amazing area,  please contact me:
Karen Schaaf ACP, GRI
RE/MAX equity group
Lackman Commercial Group
Licensed in Oregon

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