Home Finance Portland, Vancouver, Wash., Apartment Complexes Sell for $39.1MM

Portland, Vancouver, Wash., Apartment Complexes Sell for $39.1MM

Colliers, Rock Creek Duplexes LLC, Rock Creek Duplexes, Portland, Vancouver, New Earth Equities, Better Apartments, Neals Lane Townhomes
Courtesy of Colliers

Activity illustrates nationwide trend of strong multifamily investing in Portland area

Portland, Ore. – In the last two weeks of December, Colliers, a leading diversified professional services and investment management company, oversaw the close of two separate multifamily transactions in Portland and Vancouver. The properties, totaling 154 units, sold for a combined total of $39,100,000 and closed within a week of each other. Colliers Associate Vice President Sean Worl and Senior Associate Ken Verbeck represented the seller and buyer in both transactions. 

“COVID 19 poured kerosene on an already emerging trend: suburban demand. After more than ten years of heavy urban expansion, the strain of that growth has created an intense demand for the suburbs,” said Worl. “Suburban areas offer residents more affordable housing options, an abundance of space, decreased traffic, lower tax burdens and less burdened public infrastructure.”

Verbeck added, “These properties are the antithesis of the 300 square-foot urban studio. Between location and product type, they are perfectly positioned to capture demand from the next generation of renters looking to expand their living spaces or start families.” 

The first of the two transactions closed on December 22, 2021 for $12,200,000. Better Apartments Neals Lane Townhomes sold the 70,925 net rentable square-foot property to New Earth Equities, LLC. Located in central Vancouver at 2507-2511 Neals Lane and 2490-2474 Rossitier Lane, Neals Lane Townhomes and Park Place Duplexes were built in 1974 and features 31 duplexes, 62 total units. The community’s unit mix is comprised of 18 two-bedroom, one-bath units; 16 two-bedroom, one-and-one-half-bath units; and 26 three-bedroom, one-and-one-half-bath units. Units offer spacious floorplans and private patios and garages. 

The second transaction closed a week later on December 29, 2021. The seller, Rock Creek Duplexes, LLC sold the property to VA7 Rock Creek, LLC for $26,900,000. Rock Creek Duplexes is located along Highway 26 in the renowned Silicon Forest at 4677-5015 NW Salishan Place and 20546-20885 NW Lapine Way in Portland. The 90 unit apartment community was built between 1979 and 1980 and while immaculately maintained by the original builder, offers many value add opportunities. The property’s 92,939 net rentable square feet features 45 duplexes with spacious floorplans and attached garages. Units offered vary between one and two stories and floorplans with two or three bedrooms. 

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.