Improvement!
Rose City Commercial Real Estate is pleased to report that the Portland multifamily market is experiencing a significant increase in the availability of good multifamily properties for sale. Just a year ago some of our multifamily Sellers elected high quality STNL (Single Tenant Net Lease) assets for their 1031 Exchange second legs…because there simply were no good multifamily assets available. Rose City Commercial Real Estate’s marketing was focused exclusively on finding “off-market-but available” properties. Now First Leg Sellers who become Second Leg Buyers have enough properties to choose from that they are much more likely to find an asset that meets suits their acquisition criteria closely. I recently saw 7 multifamily properties listed in a single day!
The Change
One year ago there were only 15 or 20 multifamily properties available in the area. Contrast that with today: within a 30 mile radius of our Lake Oswego office there were 67 multifamily properties for sale from $1,000,000 to $7,500,000:
57 existing properties
5 under construction
5 in the planning/pre-construction phase.
What It Means
With proper planning and assistance apartment owners can sell current assets and be in great shape to identify a Second Leg Property from the properties being marketed. It also means if you want to expand your portfolio it makes sense to work with a knowledgeable Buyer Broker.
For more information, contact Sales@rosecitycre.com, or call Rick Bean at (503)577-1034.
