Shelby King//March 2, 2015//
2014 was Portland’s “best year ever” for apartment sales, and 2015 appears to be following suit, according to Sperry Van Ness | Bluestone & Hockley Senior Advisor Steve Morris.
“At this point, not too many people want to sell,” he said. “I’ve got plenty of buyers. People call me every day from California wanting to spend $5 (million) to $15 million.”
Most apartment deals being handled by Morris are “off market,” he said, meaning buyers are lined up with money before properties are listed.
Morris last week released a report comparing metro-area sales of apartment complexes (costing more than $450,000) in January 2014 and January 2015.
In January 2014, 18 complexes sold for slightly more than $6 million; two had more than 100 units – one in Hillsboro with 340 and one in Lake Oswego with 129. For those sales, the cost per unit was about $135,000, and the cost per square foot was about $136.
In January 2015, 21 complexes sold for about $7.8 million. For those sales, the cost per unit was about $185,000, and the cost per square foot was about $152.
“There are good buying opportunities in lower-priced outlying areas,” Morris said. “Demand for smaller complexes continue to pick up as smaller investors let go of cash and see the relative stability of investments in multi-unit housing.”