portland apartment market sales history 2013-2018 · 2013-2018 portland apartment market issues ......

1234 SW 18th Ave., Suite 102 • Portland, OR 97205 • (971) 888-4010

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Steve Morris Vice President Principal Broker – OR

Managing Broker – WA

[email protected] • 503.970.4593 www.IMGNorthwest.com

OR License 200202054 | WA License 24512 1234 SW 18th Ave. Suite 102, Portland OR 97205

Portland Apartment Market

Sales History 2013-2018

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Steve Morris / VP IMG Northwest / (503) 970-4593 / [email protected]

2013-2018 Portland Apartment Sales

Introduction ................................................................................................................................... 3

2013-2018 Portland Apartment Market Issues ............................................................................. 4

2013-2018 Year by Year Comments / Forecast .......................................................................... 9

2013-2018 Portland Apartment Market Comments ............................................................... 11

4 County Sales Metrics ............................................................................................................ 12

New Construction Overview ...................................................................................................... 16

New Construction Trends ....................................................................................................... 17

2018 Sales by County ................................................................................................................... 19

2018 Sales by Neighborhood ...................................................................................................... 22

Portland Central / West ........................................................................................................... 23

Portland SE/NE/North (West of 82nd Avenue) ..................................................................... 23

Beaverton/Hillsboro/Tigard .................................................................................................... 24

South Portland Suburbs .......................................................................................................... 24

Vancouver ................................................................................................................................ 25

Portland (East of 82nd) and Gresham ..................................................................................... 25

2013-2018 Sales by Complex Size ................................................................................................ 28

Complexes with 100+ Units ..................................................................................................... 29

Complexes with Less Than 100 Units ..................................................................................... 29

2013-2018 Sales by Decade Built .................................................................................................. 31

All Inventory by Decade Built ................................................................................................. 32

2013-2018 Sales by Decade Built Detail ................................................................................... 33

2018 Largest Sales by Gross $, $/Unit & $/SqFt .......................................................................... 36

2018 Largest Sales by County ..................................................................................................... 38

Clackamas - 2018 Top 10 Sales by Total $ ............................................................................... 39

Clark (WA) - 2018 Top 10 Sales by Total $ ............................................................................... 39

Multnomah - 2018 Top 10 Sales by Total $ ............................................................................. 39

Washington - 2018 Top 10 Sales by Total $ ............................................................................. 39

2013-2018 Largest Sales by Gross $ ............................................................................................. 40

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Introduction

We hope this report helps you understand the Portland rental market as of Spring 2019 and how you can make money. We are always happy to provide market evaluations of your properties value along with suggestions on how to increase NOI. Increasing NOI should be paramount whether you are holding or selling your units. It never hurts to know the value of what you own in the current market. As a buyer, this information should give guidelines on what to expect to pay, but every property is unique and you need to determine an accurate value using your own financial analysis. If you would like: - A more readable or in-depth copy of anything here or - Similar information tailored to your neighborhood or ZIP code(s) or - To be included on our monthly eMail of individual apartment sales - FREE copy of our 80-page book – “Buying, Selling and Operating Apartments – Using

Financial Analysis” Please contact me at:

Steve Morris [email protected]

(503) 970-4593 IMG Northwest

1234 SW 18th, Suite 102 Portland, OR 97204

Of course, any in depth analysis of the Portland market is available – Let us know how you’d like to “slice” the market. In addition, if you’d like an objective analysis of your apartments without obligation, let us know.

mailto:[email protected]

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2013-2018 Portland Apartment Market Issues

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Oregon State Rent Control – Unfortunately, even though rents are flattening, this has become a flash point for politicians (campaign speeches get shortened to “The rents too d** high). The two main items in the rent-control law are rent increases allowed (as of today 7% + inflation per year for the same tenant) which are not that onerous. The bigger issue, is NO CAUSE evictions – Especially for rehabbers. If you want to buy a run-down complex (hopefully in a good neighborhood), you’ll need to price this into your plans, especially if major rehab requires emptying blocks of units. In sum, state laws could’ve been worse (a la Portland). Allowing a min of 7% rent increases a year will probably allow you to stay at market plus the state-level NOCAUSE isn’t quite as onerous as Portland. In any case, you face more paperwork and timelines. If you are not well-organized with paperwork and timelines for notices, you open yourself up to a lot of potential problems. City of Portland Rent Control – Current Portland rules are more stringent than enacted state rules. Mainly limiting annual rent increases to 10% and 90-day notices / fees for NOCAUSE evictions. However, stay tuned as the next items being considered are lowering credit standards (acceptable credit scores and income-to-rent ratios) and criminal history exclusions. Some remaining questions are:

1) How does the state plan to enforce these rules? As of now, it looks like they’re driven by cause (i.e. tenant complaint).

2) Will Portland continue with its more stringent rules? 3) If you do a NOCAUSE to rehab a place, it’s still not clear on what happens if you re-

rent – Do you have to give the previous tenant an option and can you raise rents beyond the 7%+ limit, even if a new tenant?

The emerging focus for owners will be a stable tenant base. To get good tenants so you may want to ask your property manager:

1) Is your advertising effective and are we stating all the positive things about our apartment compared to the competition?

2) Are your on-sites tracking applications and following up? 3) Is my asking rent in line with the competition or can I succinctly justify higher

asking? 4) What’s my online reputation? – You need a plan to respond to any bad online

comments immediately Managing expenses. Be strategic with repairs that may be cheaper now versus waiting. Issues like moisture invasion should be addressed as soon as possible. Ongoing utility usage, merit close examination whether curbing use (desired) or off-loading the cost onto tenants (bill-backs).

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Demand for larger complexes weakened. In 2018, the exodus of large buyers hit the total gross sales dollars which decreased by 50% from 2016. There are still good buying opportunities in lower-priced outlying areas. To paraphrase Warren Buffet - You make your gain when you buy. Demand for smaller complexes remains strong.

Sellers not being persuaded- The factors encouraging inaction by owners: a) Finding few desirable replacement properties for a 1031 exchange. b) Impression that prices will keep increasing from brokers trying to buy listings. c) Still getting a good return especially if long-term owners even in light of new regulations.

2019 leasing issues - Owners need to compete for better-quality tenants – Especially on high-end properties. Focus on what you can do to improve the attractiveness of your apartments to good tenants including energy efficiency, water-use management and strategic improvements. Make sure you know what your online reputation is and have a plan to counter any bad reviews that get posted.

URM (Unreinforced masonry) – It looks as though owners are slowly being compelled to deal with seismic retrofits. This especially affects pre-1928 brick buildings without support framing. Pricing on these has taken a very large hit from the $200K+/unit to as low as $140K/unit price range. Sell or keep, since it’s a major expense, you’ll need to get an idea of the cost. Sooner is better since it’ll be a major CapEx project. Main items will be roof parapets and then walls to secure the structure. The city of Portland is still in flux so I’m not clear on what the timeline or notice (posting a big ”U”) provisions are for certain. In any case, if you own a URM building (most likely brick built pre-1928), you need to figure what the cost is – Whether you keep or sell it.

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Turnovers – While this has always been an issue, its one of the biggest variables to controlling expenses. As an example, if you own 100 units and turn 40 every year. If it takes you 1 month to turn, that’s a 3.33% vacancy rate (40 empty unit-months / 1200 total unit- months). If it takes you 2 months to turn, then that’s a 6.67% vacancy. At $1000/month avg rent, that’s the diff between $40,000 (3.33% vacancy) and $80,000 (6.67% vacancy) in lost income. Think about how you handle turns:

1) Try to get in as soon as possible after the tenant give notice so you can assess condition.

2) If you have some units that are major and some that are minor repairs, focus on the minor repairs to get the units up quickly

3) On rehabs, spending extra to “bullet-proof” a place is worth it. FEDs (forcible entry and detainers = evictions) can be a min of 3 months lost time. Make sure you/your property manager files all required papers properly and ASAP! Once a tenant goes sideways on you, they have courts on their side and can stretch out FEDs if you are not on top of your game. Should I Self-Manage to save money? – Since more owners are asking, you should review what a property manager does and then determine if this is best for you. Plusses:

Cost savings – Each situation is unique, but for a market-rate property, you’re probably looking at saving 8% of gross income (13% for LIH due to compliance paperwork). Consistency – You’ll be there from the time you buy it until you sell it. That is, no rotation of staff. Control – Since you’ll be more involved, you can watch expenses like maintenance closer. This assumes you’ll have a property management program that can track account receivable and payable with some degree of precision.

Minuses: Changing rules – Portland is gaining a discomfiting expertise in creating new rules. PMs, as part of their job, keep updated on all of this in addition to existing fair housing laws. As a landlord, if you go to court (e.g. a FED), you may not even get one mistake and tenants are usually allowed a lot more latitude. Marketing – Half of the tenant’s interest is still from drive-bys. Is someone onsite to greet them? Having a show of presence also serves as a check on bad behaviors by tenants and keeps your property attractive to tenants. Can you do ongoing rent surveys to make sure you’re at a competitive price? Recruiting tenants. A PM will have more advertising than a CraigsList ad, including WEBsites, signage, print magazines. They should also have a system to track applicants for feedback to you. Liability shield – Having a state-licensed operator as the first contact makes it safer for you and reduces your liability exposure.

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Handling Emergencies. Tenants can call at any time for even minor annoyances. With a tightening market, your response affects perceptions Handling CapEx – Usually contracted out, but doing things in a timely manner works in the long run. Waiting on moisture invasion issues only makes them more expensive Handling maintenance – Once you get >50 units, you probably need staff to handle this. The tendency of owner-operators is usually to delay maintenance. Turnover – Can you do this in a timely manner? With a tightening market, downtime means lost opportunity. Accounting – While interfaces like AppFolio are making this easier, someone needs to do data entry and bill-paying. In addition, a good accounting system can serve as a forensic device to find out where you not making money. IF YOU CANNOT MEASURE INCOME & EXPENSES – YOU CAN’T MANAGE THEM.

I’m not discounting 3rd party management at all, yet for most owners, the 8%+/- cost is probably worth it. However, you shouldn’t abdicate all of your responsibility in managing. If your main involvement is cashing your monthly check, you are probably missing income. A better alternative is sitting with your manager and setting goals (i.e. what are the 3 things we’re going to do this month to increase NOI). It gives them guidance and helps you understand what issues are with your property and defines what stops you from making more money. The value of your apartment (whether you hold or sell) is directly related to your NOI. Low-Income Housing Inflation – For the past 2 years LIH has far outpaced the price increases of market-rate housing (albeit from a lower $/unit level). The demand has been driven by money dedicated to acquisition of affordable. The pot includes a City of Portland bond ($256M), METRO bond ($680M) and CalSTRS (Cal Teacher Ret Fund = $1B). IN addition, HUD gave a healthy jump in AMI rents in 2017. If you do own income-qualified property, before you accept an offer make sure you have a grip on values.

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2013-2018 Year by Year Comments / Forecast

Note: Sample Interest Rates on 5 yr balloon term >$500K borrowed 2018 – More rules in Portland and state-level. However, sales bounced back (+40% over 2017, but 15% still down from 2016). The years of increasing rent seem to have hit a ceiling which should shift owner focus more to managing expenses to keep NOI up. As of today, available FOR SALE inventory has markedly increased. Perhaps this is in reaction to rent control laws. It may be worth monitoring before you decide to sell or hold. 2017 – Looks to be a watershed year. There was a 40% drop from 2016 in gross sales dollars. Even more new construction inventory being brought on-line. Rents are returning to their normal 3%-5% year-over-year increase with a vacancy uptick in the 2nd half of 2018. The rental market for rent gains and price increases seems to be returning to a more normal level as opposed to the hot years of 2013-2018 for sales price and rent growth

2016 –An all-time high in gross sales dollars ($2.97B). A large amount of new construction inventory starting to be brought on-line. In Portland, the threat of government interference thru soft rent controls in Portland. On the horizon, permitting changes require part of new construction to be low-income units (Inclusionary Zoning). 2015 –Peak transactions (286). Total transaction $ surpass sets record easily. Buyer demand swamps inventory resulting in pricing being driven by buyers. Sellers still are seeing good income on properties. Meanwhile, new construction (see later) hits another high with money still cheap. Interest rates hit low of 3.95% on average.

5 yr Lending

Rate Avg $/unit Avg $/SqFt Avg CapRate Deals

Total Units

Sold Avg Transaction Total Sales

2013 4.25% $91,274 $108.67 6.59% 210 11234 $5,613,445 $1,178,823,439

2014 4.13% $119,988 $128.83 6.14% 201 10903 $7,754,311 $1,558,616,542

2015 3.95% $126,451 $151.39 5.75% 286 15652 $8,163,488 $2,334,757,480

2016 4.25% $149,571 $168.88 5.47% 275 16012 $10,803,280 $2,970,902,130

2017 4.25% $177,816 $203.53 5.36% 221 8815 $7,883,877 $1,742,336,833

2018 4.75% $187,076 $222.37 5.37% 277 11196 $9,098,776 $2,520,360,845

5 yr Avg 4.26% $142,029 $163.94 5.78% 245.0 12302 $8,219,529 $2,050,966,212

5 Yr Total 1470 73812 $12,305,797,269

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2014 – Huge jump in apartment pricing of 20%+. Total transaction $ surpass previous all-time high (2011). The market is heating up with institutional buyers leading the way with a 30% jump in average $/unit from 2013 for larger complexes. 2013 – Finding reasonably priced properties in good locations becomes an issue. The 2009 buyers sell and turn a very nice profit as available inventory dries up forcing prices up. The spread between average Cap Rates (6.59%) and average lending rates (4.25%) is > 12%. Last year before take-off in apartment pricing.

Now what for 2019? Questions to be answered:

1) Are rents peaking? 2) Will income keep up with expenses and what can an owner do to control expenses? 3) With inflated sales prices are we hitting a buyer limit? Class A property gross $ sales

have dropped 50% from 2016 to 2018. 4) Will an interest rate increase reverse pricing trends? 5) What’ll it take to get/keep good tenants? More lead generation, advertising,

watching your online reputation, monitoring your rent pricing? 6) Oregon rent control / City of Portland laws – What effect on all owners in Oregon?

What do you need to do in terms of paperwork and understanding new rules? We stay current on the Portland rental market. We send out a monthly eMail detailing individual apartment sales >$450K. If you’d like to be included, let us know. Knowing your property and how it compares to neighboring properties helps make well-informed decisions. With unsolicited offers increasing, you need to know where you stand and if an offer is worth considering. We’ve helped owners with weatherization grants, finding new ways to do utility bill-backs that are not intrusive and provide financial analyses that set a value based on your rents and expenses compared to the neighborhood averages.

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2013-2018 Portland Apartment Market Comments

Whether you SELL or HOLD, job number one is to increase your Net Operating Income (NOI). If you can raise top-line income thru rents, fees or bill-backs - Great. However, you’re always prey to the market for what income you can drive. What you have more control over are expenses. Whether this means reducing utility usage and getting/keeping better tenants you should make NOI growth an ongoing action item. Ultimately, attracting and keeping good tenants is the best investment of effort you can make. Keeping maintenance manageable is important. If you are making a maintenance decision, you should prioritize, in order:

- Tenant safety issues – Way too much liability and too many tenant lawyers. - Moisture invasion (the sooner you address, the cheaper it will be to fix) - Energy efficiency – Helps your tenants and adds value to your property - Aesthetics - Your tenants look no better than your apartments. - Landscaping improvements – Beyond tenant attraction, the payback is low - The

more you spend on new landscape, the more it’ll cost to maintain. We can provide a very useful financial analysis including:

- Opinion of current value and suggestions on how to increase it - Analysis of expenses compared to area averages - Sales comparables to justify pricing - Rent comparables to see if you’re getting enough.

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4 County Sales Metrics

2013 2014 2015 2016 2017 2018 Grand Total$91,701 $120,808 $128,445 $149,773 $177,674 $189,160 $145,163

Year-Year Change 31.7% 6.3% 16.6% 18.6% 6.5%

$109.54 $129.53 $153.00 $168.82 $202.55 $224.22 $167.65

Year-Year Change 18.3% 18.1% 10.3% 20.0% 10.7%

6.57% 6.12% 5.72% 5.47% 5.35% 5.37% 5.70%

Year-Year Change -6.9% -6.5% -4.4% -2.1% 0.4%

204 197 279 277 222 270 1449

Year-Year Change -3.4% 41.6% -0.7% -19.9% 21.6%

11068 10881 15735 16155 9025 11155 74019

Year-Year Change -1.7% 44.6% 2.7% -44.1% 23.6%

$1,169,508,639 $1,556,837,542 $2,351,468,046 $2,994,857,130 $1,776,723,585 $2,517,778,845 $12,367,173,787

Year-Year Change 33.1% 51.0% 27.4% -40.7% 41.7%

2013 2014 2015 2016 2017 2018 Grand Total

Avg $/PerUnit $81,268 $97,012 $127,680 $129,489 $156,453 $151,981 $125,929

Avg $/SqFt $85.94 $109.40 $137.58 $137.32 $166.93 $165.94 $136.01

Avg CapRate 7.11% 6.11% 5.69% 6.01% 6.01% 5.46% 6.03%

Transactions 19 25 34 37 29 19 163

Total Units 1224 2310 3669 2668 1292 1213 12376

Gross Dollars $117,466,000 $290,672,000 $590,270,514 $428,564,640 $241,720,000 $239,673,800 $1,908,366,954

Avg $/PerUnit $76,778 $87,055 $116,735 $116,795 $172,836 $183,363 $124,817

Avg $/SqFt $84.99 $90.10 $115.72 $129.95 $163.23 $166.72 $125.26

Avg CapRate 6.81% 6.84% 6.07% 5.94% 5.80% 5.70% 6.18%

Transactions 23 17 24 30 16 24 134

Total Units 3404 908 1648 2420 1044 1260 10684

Gross Dollars $310,080,874 $93,749,709 $217,885,581 $340,354,339 $168,480,884 $259,983,450 $1,390,534,837

Avg $/PerUnit $96,755 $134,183 $133,526 $160,048 $186,373 $195,720 $153,831

Avg $/SqFt $119.11 $144.76 $167.80 $185.21 $220.22 $244.78 $184.51

Avg CapRate 6.54% 6.11% 5.69% 5.27% 5.13% 5.35% 5.59%

Transactions 129 121 169 161 141 181 902

Total Units 3723 4020 5384 6112 3938 5049 28226

Gross Dollars $425,003,860 $671,396,133 $842,741,748 $1,164,967,651 $800,428,709 $1,207,124,465 $5,111,662,566

Avg $/PerUnit $88,354 $107,580 $117,833 $150,847 $162,845 $181,728 $137,257

Avg $/SqFt $102.07 $110.75 $131.04 $162.55 $179.52 $197.85 $149.98

Avg CapRate 6.16% 5.79% 5.68% 5.46% 5.33% 5.24% 5.58%

Transactions 33 34 52 49 36 46 250

Total Units 2717 3643 5034 4955 2751 3633 22733

Gross Dollars $316,957,905 $501,019,700 $700,570,203 $1,060,970,500 $566,093,992 $810,997,130 $3,956,609,430

Clackamas

Clark (WA)

Multnomah

Washington

4 County Total

Gross Dollars

Total Units

Transactions

Avg CapRate

Avg $/SqFt

Avg $/PerUnit

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New Construction Overview

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New Construction Trends

New construction It’s difficult to build a new apartment building today that can compete with existing construction. Most new construction is happening in higher rent parts of town (downtown, close-in and Beaverton-Hillsboro). With builders looking at SDCs (System Development Charges) and fees pushing >$20K per UNIT, this comes out of anticipated return (at 5% debt that’s almost $100/month to service soft costs). Add in Inclusionary Zoning (forcing builders to include income restricted units) and Portland is in a new construction lull.

NEW CONSTRUCTION BY COUNTY

The continuing attraction of Washington County (Beaverton and Hillsboro) as a rental market will be due to the availability of high-income jobs at places like Nike, Intel and their support businesses. Projections have Washington County exceeding Multnomah County in jobs and population by 2030 with development following suit.

Portland Building Permits – With the introduction of Inclusionary Zoning, building permits have declined markedly. Lease-up – Is becoming an issue with a lot of new inventory coming on line at once. Most banks won’t transition to permanent (i.e. cheaper than construction) financing until a property is stabilized (<10% vacancies).

Projects Units Projects Units Projects Units Projects Units Projects Units

2010 2 129 2 66 9 747 1 238 14 1180

2011 1 302 1 48 17 718 1 34 20 1102

2012 3 510 3 524 19 1030 2 225 27 2289

2013 4 586 11 1880 62 4082 9 1124 86 7672

2014 3 552 8 636 54 3637 13 2560 78 7385

2015 5 265 7 792 55 3641 15 1810 82 6508

2016 6 494 19 2548 94 9912 16 2595 135 15549

2017 8 779 11 1017 79 5829 16 2470 114 10095

2018 6 354 33 5408 253 15810 23 2219 315 23791

2019 8 1184 5 519 165 14709 11 1565 189 17977

All Const 647 36629 745 49114 4552 164985 1158 80613 7102 331341

New/All Const 7.11% 14.07% 13.42% 27.36% 17.73% 36.44% 9.24% 18.41% 14.93% 28.23%

Clack Clark Mult Wash 4 County

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Non-traditional housing – New projects include micro-units, group housing like college quads, no allowance for cars and active green designs. It’ll take time to see what sticks, but keeping current can give you ideas for upgrades on your apartments. However, sometimes markets can only support one outlier of a different rental arrangement.

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2018 Sales by County

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2018 Sales by County

Here’s a summary of all sales in the Portland METRO (Clark, Clackamas, Multnomah and Washington counties) markets for 2018.

Following are comments on each county and comparison to averages from 2013-2018 (% difference/total is relative to overall 4 county averages for 2018).

Clackamas – Most growth is in Tualatin and Clackamas (city) / Happy Valley. Clackamas county has some of the highest income towns (Lake Oswego, West Linn and Wilsonville) and highest asset values. Most job growth happens outside the county without too many major employers excepting retail outlets in Happy Valley (Clackamas Town Center) and Tualatin (Bridgeport). A big issue for tenant appeal is access to I-5/I-205 and/or MAX.

Clark (WA) - Clark county operates without an urban boundary unlike the three Oregon counties, so there is more area for development. However, there are few major employers outside of health care and retail. Washington does not have an income tax and Vancouver does have lower average utility prices. With the threat of rent control looming in Oregon, Vancouver (Clark and Cowlitz counties) is becoming more attractive to investors. We expect pricing to reflect this and will be the firmest demand.

Clackamas Clark (WA) Multnomah Washington Average / Total

Avg $/PerUnit $151,981 $183,363 $194,323 $177,917 $176,896

Relative to Average -14.1% 3.7% 9.9% 0.6%

Avg $/SqFt $165.94 $166.72 $242.04 $195.63 $192.58

Relative to Average -13.8% -13.4% 25.7% 1.6%

Avg CapRate 5.46% 5.70% 5.35% 5.24% 5.44%

Relative to Average 0.4% 4.9% -1.6% -3.7%

Avg Transaction $12,614,411 $10,832,644 $6,499,916 $16,910,815 $11,714,446

Relative to Average 7.7% -7.5% -44.5% 44.4%

Transactions 19 24 186 48 277

% of Total 6.9% 8.7% 67.1% 17.3%

Gross $ $239,673,800 $259,983,450 $1,208,984,465 $811,719,130 $2,520,360,845

% of Total 9.5% 10.3% 48.0% 32.2%

Pop Growth B B B- B+

Job Growth C+ B- C+ B

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Multnomah – Is the economic center of METRO, however, the inability to attract large non-governmental employers is beginning to show. Multnomah remains the most expensive part of the METRO area. Portland has one of the most activist govts for tenant rights and the highest soft costs in the area for builders. Portland has introduced soft rent caps and inclusionary zoning forcing builders into including affordable units. Washington – In 15 years its population is projected to pass Multnomah county. A lot of fuel for growth is based on the high-tech business (Intel, Synopsys, Genentech and Salesforce.com) centered on Hillsboro and Nike in the Beaverton area. In addition, there is more land available for construction of residential and plant, so larger complexes exist as a focus for developers. Here’s an estimate of the total number of rentable units by county and complexes

Clack Clark (WA) Mult Wash Total

Complexes 647 745 4552 1158 7102

Units 36629 49114 164985 80613 331341

% of Total 11.1% 14.8% 49.8% 24.3% 100.0%

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2018 Sales by Neighborhood

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2013-2018 Sales by Neighborhood

Total Sales all 4 Portland Metro Counties (Neighborhoods are sorted by ascending 5 year average Cap Rates)

4 County Total

Portland Central / West

Central Portland and close-in West – Prices are higher, but you get asset preservation since it’s still a very in demand neighborhood. Most new construction is either income-qualified or high-end (>$3/sqft/month rent). Operating expenses (especially water/sewer) and property taxes (due to bonds) are among the highest in the metro area. Two other areas are siphoning off high rents – Close-in East Portland and Hillsboro / Beaverton. The gross dollar sales lead is slipping to the Beaverton-Hillsboro and Washington county area due to job growth and availability of amenities. If you’re thinking of buying an older building (pre-1930), be aware of Portland’s seismic retrofit plans – I can send info.

Portland SE/NE/North (West of 82nd Avenue)

Close-in East Portland (West of 82nd to the Willamette) - This is an in-demand neighborhood

2013 2014 2015 2016 2017 2018 Grand Total

Total Sales $1,169,508,639 $1,556,837,542 $2,351,468,046 $2,994,857,130 $1,776,723,585 $2,517,778,845 $12,367,173,787

Avg $/unit $91,701 $120,808 $128,445 $149,773 $177,674 $189,160 $145,163

Tranasctions 205 197 279 277 222 270 1450

Avg $/SqFt $109.54 $129.53 $153.00 $168.82 $202.55 $224.22 $167.65

Avg CapRate 6.57% 6.12% 5.72% 5.47% 5.35% 5.37% 5.70%

2013 2014 2015 2016 2017 2018 Grand Total

Total Sales $204,782,780 $322,565,450 $390,967,070 $396,080,500 $232,959,716 $502,547,676 $2,049,903,192

Avg $/unit $117,230 $210,562 $171,263 $211,052 $254,205 $233,062 $197,997

Tranasctions 25 26 40 25 19 39 174

Avg $/SqFt $165.10 $207.26 $224.72 $240.42 $303.55 $300.99 $241.16

Avg CapRate 5.75% 5.18% 4.90% 4.82% 4.14% 5.09% 4.97%

% 4 county total $ 17.5% 20.7% 16.6% 13.2% 13.1% 20.0% 16.6%

2013 2014 2015 2016 2017 2018 Grand Total

Total Sales $105,895,885 $168,574,000 $232,839,645 $397,397,650 $375,335,733 $471,161,289 $1,751,204,202

Avg $/unit $113,971 $137,951 $145,238 $193,654 $207,418 $215,660 $175,335

Tranasctions 51 49 73 67 73 89 402

Avg $/SqFt $141.78 $165.91 $186.88 $232.96 $253.88 $271.02 $217.21

Avg CapRate 6.36% 5.68% 5.45% 4.90% 4.97% 5.34% 5.35%

% 4 county total $ 9.1% 10.8% 9.9% 13.3% 21.1% 18.7% 14.2%

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and continues to appreciate faster than average. Most new construction is infill (<30 units). Access to amenities is paramount and smaller units pre-dominate. Older construction means smaller (20-unit range) complexes which reflects the relative age of the district and lack of land for newer and larger. There are hot spots for new development along traffic corridors like SE Hawthorne, SE Division, NE Alberta, N Williams, Sellwood (SE Milwaukie) and N Mississippi are maturing into parts of town with high walk-scores. This is probably the center of creative job creation.

Beaverton/Hillsboro/Tigard

Beaverton/Hillsboro – With a lot of rental inventory, most jobs and population growth is happening here. Job growth (especially in high-tech) should continue to push demand and new construction absorption up. A lot of growth will be dependent on Intel and Nike. Areas like Hillsboro along Cornell Road and Beaverton along SW Murray and SW Cedar Hills have amenities plus light-rail (MAX) service to downtown Portland thru the heart of both towns. There are a wide range of properties in vintage, size and grade. Most transactions have been larger (>100 units) complexes since smaller owners are holding.

South Portland Suburbs

Portland South Suburbs (Wilsonville / Lake Oswego / Happy Valley / Clackamas / Oregon City / Milwaukie / West Linn / Tualatin) – The demographics span from the richest cities (Lake Oswego / West Linn) to the city with fastest growing percentage of LIH (Low-income housing) in Oregon - Tualatin. Retail developments in Clackamas Town Center and Bridgeport and amenities are the highest after downtown. Readily available land allows larger (100-unit average) complexes. Job growth and incomes are average for the Portland - Metro area. Property taxes and operating expenses are average.

2013 2014 2015 2016 2017 2018 Grand Total

Total Sales $251,556,505 $469,195,000 $576,895,203 $715,640,500 $487,690,992 $809,987,130 $3,310,965,330

Avg $/unit $86,971 $108,194 $117,145 $138,767 $158,133 $182,961 $136,052

Tranasctions 26 31 42 41 30 45 215

Avg $/SqFt $104.52 $106.89 $129.87 $149.70 $171.02 $199.30 $147.83

Avg CapRate 6.06% 5.83% 5.77% 5.53% 5.33% 5.24% 5.59%

% 4 county total $ 21.5% 30.1% 24.5% 23.9% 27.4% 32.2% 26.8%

2013 2014 2015 2016 2017 2018 Grand Total

Total Sales $169,872,400 $313,121,500 $657,570,514 $681,569,640 $302,273,000 $238,243,800 $2,362,650,854

Avg $/unit $82,134 $98,446 $125,245 $140,768 $162,707 $155,460 $129,404

Tranasctions 22 26 40 39 33 18 178

Avg $/SqFt $86.64 $111.08 $135.86 $148.74 $176.55 $171.07 $140.38

Avg CapRate 7.00% 5.96% 5.69% 5.83% 5.94% 5.46% 5.94%

% 4 county total $ 14.5% 20.1% 28.0% 22.8% 17.0% 9.5% 19.1%

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Vancouver

Vancouver – Benefits from lower operating costs (especially utilities). Rent demand seems to be steady. Most transactions are in the larger complexes. Vancouver is not limited by the Urban Growth Boundary set by METRO (Portland regional government) and there are a lot of large spaces available with good access to I-5 and I-205. New construction is not anticipated to have a large effect on existing stock.

Portland (East of 82nd) and Gresham

Portland East Suburbs (East of 82nd Avenue) – These are the lowest rent rates in town along with Vancouver. Lower vacancies and higher prices close-in drive tenants out to these markets. There is ongoing demand since this neighborhood will usually have the low rent and higher inventory for tenants to choose from. There is not a lot of new construction planned in this neighborhood besides LIH projects and pricing for existing complexes is lowest in the area.

2013 2014 2015 2016 2017 2018 Grand Total

Total Sales $302,569,320 $73,377,900 $217,885,581 $333,914,339 $168,480,884 $259,983,450 $1,356,211,474

Avg $/unit $76,000 $82,577 $116,735 $116,860 $172,836 $183,363 $125,198

Tranasctions 22 15 24 29 16 24 130

Avg $/SqFt $82.03 $83.80 $115.72 $130.79 $163.23 $166.72 $125.03

Avg CapRate 6.83% 6.97% 6.07% 5.98% 5.80% 5.70% 6.19%

% 4 county total $ 25.9% 4.7% 9.3% 11.1% 9.5% 10.3% 11.0%

2013 2014 2015 2016 2017 2018 Grand Total

Total Sales $124,120,195 $189,631,883 $275,310,033 $456,619,501 $207,433,260 $234,425,500 $1,487,540,372

Avg $/unit $72,757 $86,903 $94,193 $114,013 $129,744 $134,601 $105,405

Tranasctions 57 48 60 73 50 54 342

Avg $/SqFt $77.34 $88.78 $105.47 $124.26 $139.56 $159.88 $116.11

Avg CapRate 6.94% 6.85% 6.34% 5.74% 5.61% 5.66% 6.14%

% 4 county total $ 10.6% 12.2% 11.7% 15.2% 11.7% 9.3% 12.0%

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2013-2018 Sales by Complex Size

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2013-2018 Sales by Complex Size Large complex investors face expensive entry prices, questions about the continued growth of the Portland market and competition from new construction. For the very large investor, Portland is a small market with only about 20 existing and proposed complexes >500 units. In terms of gross sales dollars, complexes > 100 units make up almost 75% of all sales.

Complexes Greater Than or Equal (GTE) to 100 Units

Compared to smaller complexes, you’ll pay roughly a third more in $/unit and $/sqft. This is due to private REIT buyers anxious to place money that may move on if they can’t find deals.

Complexes with Less Than (LT) 100 Units

2013 to 2014 saw a large bump in pricing. Smaller complexes average 0.5%-1% higher Cap Rates. The smaller investor realizes that of all commercial property, apartments consistently generate income. If you want to get top dollar out of your apartments – Do your maintenance and keep good books to see where your cash is going.

2013 2014 2015 2016 2017 2018 Grand Total

Avg $/PerUnit $109,571 $156,848 $167,831 $204,619 $207,391 $257,710 $183,874

Avg $/SqFt $126.68 $150.78 $190.11 $209.24 $236.23 $279.99 $197.75

Avg CapRate 5.89% 5.60% 5.15% 5.28% 5.01% 5.04% 5.35%

Gross Sales $830,601,537 $1,193,294,900 $1,680,784,552 $2,349,488,502 $1,147,286,198 $1,719,558,420 $8,921,014,109

Tranasactions 31 36 46 50 27 32 222

2013 2014 2015 2016 2017 2018 Grand Total

Avg $/PerUnit $88,499 $112,749 $120,669 $137,934 $173,559 $179,943 $138,191

Avg $/SqFt $106.45 $124.72 $145.61 $159.92 $197.88 $216.69 $162.18

Avg CapRate 6.74% 6.34% 5.88% 5.53% 5.40% 5.41% 5.79%

Gross Sales $338,907,102 $363,542,642 $670,683,494 $645,368,628 $629,437,387 $798,220,425 $3,446,159,678

Tranasactions 174 161 233 227 195 238 1228

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2013-2018 Sales by Decade Built

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2013-2018 Sales by Decade Built

Older apartments are in better locations. Most pre-1960 construction was close to downtown. However, construction was not on the scale of today’s builders. 20-unit complexes were the norm and close-in units of almost any vintage will be in smaller complexes. These areas are favorites for young renters who value access to amenities while forsaking private cars to minimize the cost of transportation. The 2010 decade represents a big jump in inventory with about 30% of all inventory to be built in the 2010’s. However, most new construction is either in the core, close-in East side or Beaverton to Hillsboro. 90’s construction has 20% of all inventory in the 4 county area. Most 90’s construction happened in outlying suburbs like Gresham, Happy Valley / Clackamas, Tualatin and Vancouver. This new construction means the market will take time to absorb inventory – Today, owners offering concessions during lease-up on new properties.

All Inventory by Decade Built

Pre-1940 1940-1950 1960 1970 1980 1990 2000 2010

Avg $/PerUnit $170,963 $150,928 $114,685 $102,768 $133,901 $137,541 $176,075 $258,356

Avg $/SqFt $214.05 $202.61 $136.62 $119.39 $150.66 $143.74 $166.53 $295.44

Avg CapRate 5.28% 5.35% 5.95% 6.27% 5.65% 5.58% 5.62% 5.09%

Transactions 174 112 272 340 86 169 104 159

Unit Count 2300 2617 6990 9973 11297 21429 7529 11291

Gross Dollars $344,624,548 $376,332,911 $792,250,951 $945,954,634 $1,783,985,119 $3,399,947,809 $1,676,253,741 $2,980,177,586

Pre-1940 1940-1950 1960 1970 1980 1990 2000 2010 All

Complexes 11 21 117 161 66 97 29 46 548

Units 186 945 3006 5802 6406 9426 2894 5155 33820

Complexes 17 19 83 146 74 110 65 100 614

Units 265 361 2069 5656 7492 10585 7192 13438 47058

Complexes 1083 476 667 812 141 340 314 807 4640

Units 19774 8694 14921 20664 5466 19472 19174 60115 168280

Complexes 7 36 187 251 111 155 49 107 903

Units 61 937 7615 11365 12398 22001 5482 14840 74699

Pre-1940 1940-1950 1960 1970 1980 1990 2000 2010Complexes 1118 552 1054 1370 392 702 457 1060 6705

% Total Complexes 16.7% 8.2% 15.7% 20.4% 5.8% 10.5% 6.8% 15.8% 100%

Units 20286 10937 27611 43487 31762 61484 34742 93548 323857

% of Total Units 6.3% 3.4% 8.5% 13.4% 9.8% 19.0% 10.7% 28.9% 100%

4 County Total

Clackamas County

Clark County (WA)

Multnomah County

Washington County

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2013-2018 Sales by Decade Built Detail Pre-1940 - Almost all construction close-in (downtown) to the Willamette river. Before mid-1920’s construction was mostly unreinforced masonry (check with your insurance agent on coverage). City of Portland has new rules for retrofits on URM (unreinforced masonry) buildings. Most units in a studio configuration or SROs.

194x-195x - After World War II Portland witnessed a burst of population and income growth. In addition, housing for all these new residents included single-family residences. Location was a little farther out (West Hills to 39th avenue and North Portland.) Most construction was wood frame and siding, however units became larger including 1- and 2-bedroom complexes. Again, most of these complexes have great locations since Portland didn’t go much beyond 39th/Cesar Chavez to the east.

196x and 197x - Construction trends continued, however the growth of suburbs like Beaverton and Gresham and Vancouver captured a lot of new construction with the availability and low cost of land along with lower soft costs than Portland proper. Also contributing were services and amenities became more common in the suburbs and outer edges of town. Complex sizes began to inch up into the 100+ unit range, but this was just the start. 70s vintage units see to offer the most bang for the buck with lowest $/unit but seem to suffer the ravages of owner neglect and poorer locations.

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198x and 199x - The biggest change was the rapid growth of a “go large or go home” mentality with 100+ unit complexes proliferating in the suburbs with Beaverton-Hillsboro showing a lot of growth thanks to pioneering employers like Intel and Nike. The early 1990s had a large burst of construction in the Gresham area that it is still recovering from. For the first time, the Urban Growth Boundary began to hamper developers of

apartments. The 1990s were responsible for construction of almost 33% of all available units in the 4-county area up thru 1999 - By far the largest decade of growth (barring 201x futures). 200x and 201x - Trends continued with the exception of renewed urban development, especially in areas like the Pearl district. Another trend was the rapid development and collapse of the condo market with conversion siphoning off some rental stock thru 2008. Neighborhoods with high walk-scores along with the desire for workers to have a short commute to jobs like close-in East Portland (Alberta, Division and Hawthorne avenues) and North Portland (Mississippi and Williams) showing a lot of demand by tenants, albeit in smaller complex sizes. However, new construction is overlooking lower rent neighborhoods like East Multnomah county and Clark county.

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2018 Largest Sales by Gross $, $/Unit & $/SqFt

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2018 Largest Sales by Gross $, $/unit & $/SqFt

2018 Top 15 Sales by Total $

2018 Top 15 Sales by $/unit (>20 units)

2018 Top 15 Sales by $/SqFt (>20 units)

5 Yr Rank Date Name Address City Price Units $/Unit $/SqFt Yr Built

1 17-Jul-18 Indigo at Twelve West (+retail +office) 1234 SW Stark Portland - Central $206,000,000 278 $741,007 $482.73 2009

7 8-Feb-18 Thorncroft Farms 2120 NW Thorncroft Dr Hillsboro $97,500,000 340 $286,765 $261.01 1998

15 31-Aug-18 SENIOR - Mt Tabor Plaza 6323 SE Division Portland - SE $92,000,000 286 $321,678 $364.88 1992

17 10-Sep-18 Tessera 6501 NE Cherry Drive Hillsboro $85,000,000 304 $279,605 $341.31 2014

18 30-Oct-18 Arbor Creek (nee Woodcreek) 3280 SW 170th Beaverton $84,300,000 440 $191,591 $249.38 1984

25 23-Oct-18 Sygnii 13285 SW Hawks Beard Tigard $75,200,000 240 $313,333 $332.98 2017

28 28-Nov-18 Brookside 112 4619 SE 112th Ave Vancouver $71,223,483 369 $193,018 $233.61 1989

30 19-Dec-18 Domaine at Villebois (Alexan Villebois) 28900 SW Villebois Dr Wilsonville $69,500,000 274 $253,650 $261.04 2008

33 5-Aug-18 Axcess15 1500 NE 15th Ave Portland - NE $66,000,000 202 $326,733 $240.08 1996

38 3-Nov-18 Westview Heights 18301 NW Chemeketa Ln Beaverton $60,500,000 198 $305,556 $211.04 2003

43 19-Dec-18 Sanctuary 4940 SW Landing Portland - W $58,300,000 182 $320,330 $315.14 2017

44 19-Dec-18 Courtyard Village (SENIOR) 4501 NE 66th Ave Vancouver $58,300,000 127 $459,055 $357.48 2006

45 14-Nov-18 Andover Park 15282 SW Teal Blvd Beaverton $58,000,000 240 $241,667 $254.60 1989

50 31-May-18 Columbia Trails 1112 NW 15th St Gresham $55,394,400 264 $209,827 $216.93 2002

51 20-Mar-18 Bridgetown Lofts 1850 NW Front Portland - Central $55,000,000 149 $369,128 $461.41 2015

Average $79,481,192 259.5 $320,863 $305.57 2002.6

5 Yr Rank Date Sold Name Address City Price Units $/PerUnit $/SqFt Yr Built



276 19-Oct-18 Madison @ Sellwood (+ retail) 1315 SE Umatilla Portland - SE $8,920,337 21 $424,778 $326.25 2014


130 27-Sep-18 Wilmore (+ retail) 4327 N Williams Portland - N $28,000,000 78 $358,974 $254.67 2015





126 26-Oct-18 3330/3339/3360 SE Division Portland - SE $28,750,000 93 $309,140 $366.84 2016

63 15-Feb-18 Oxbow 49 4949 SW Landing Portland - W $51,000,000 166 $307,229 $384.04 2016


361 20-Aug-18 4305 N Montana Portland - N $6,100,000 20 $305,000 $762.50 2018

277 31-Jan-18 Hawthorne 31 1515-1521 SE 31st Portland - SE $8,800,000 30 $293,333 $479.83 2016

189 13-Nov-18 Hygge 620 NE 20th Portland - NE $17,300,000 59 $293,220 $400.46 2018


361 20-Aug-18 4305 N Montana Portland - N $6,100,000 20 $305,000 $762.50 2018

143 05-Jan-18 The Thornton (nee Tess O'Brien) 1953 NW Overton Portland - Central $25,500,000 123 $207,317 $632.28 2016


277 31-Jan-18 Hawthorne 31 1515-1521 SE 31st Portland - SE $8,800,000 30 $293,333 $479.83 2016


253 26-Feb-18 The Whitney 411 SE 14th Portland - SE $10,500,100 41 $256,100 $451.75 2016

423 26-Jan-18 Provi 4720 NE Glisan Portland - NE $4,567,313 23 $198,579 $449.54 2014

311 26-Jan-18 Arthur Hotel 726 SW 11th Portland - Central $7,600,000 50 $152,000 $419.84 1912

189 13-Nov-18 Hygge 620 NE 20th Portland - NE $17,300,000 59 $293,220 $400.46 2018

212 24-Jan-18 Hadley House 2020 SW Salmon Portland - Central $14,425,000 55 $262,273 $394.21 1963




381 06-Sep-18 Water 0103 SW Meade Portland - W $5,500,000 29 $189,655 $362.75 2012


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2018 Largest Sales by County

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Clackamas - 2018 Top 10 Sales by Total $

Clark (WA) - 2018 Top 10 Sales by Total $

Multnomah - 2018 Top 10 Sales by Total $

Washington - 2018 Top 10 Sales by Total $



91 23-Oct-18 Mira Monte Lodge (Portfolio) 12200 SE McLoughlin Milwaukie $41,500,000 231 $179,654 $252.83 1991

99 29-May-18 LIH - Heatherbrae Commons (Portfolio) 10303 SE Bell Milwaukie $39,125,228 174 $224,858 $249.00 1995

145 23-Oct-18 The Bluffs (Portfolio) 12601 SE River Road Milwaukie $24,900,000 136 $183,088 $166.00 1968

157 20-Dec-18 Haven at Charbonneau (nee Illahee) 8755-8805 SW Illahee Ct Wilsonville $22,600,000 126 $179,365 $209.63 1989

181 23-Mar-18 Red Tail 8200 SE Aspen Summit Clackamas $18,400,000 73 $252,055 $200.86 1995

379 7-Mar-18 Park Hamlin 2323 SE Harrison Milwaukie $5,600,000 51 $109,804 $111.60 1967

545 27-Aug-18 Pheasant Court 7015 SE Lake Milwaukie $3,040,000 22 $138,182 $153.57 1970

559 5-Nov-18 Kings Five 1684 8th Ave West Linn $2,950,000 18 $163,889 $158.09 1973

619 7-Jul-18 Arlington 240 W Arlington Gladstone $2,400,000 20 $120,000 $187.50 1966

Average $23,001,523 112.5 $180,454 $195.01 1982.2




80 24-Jan-18 Bridge Creek (nee Discovery Park) 9211 NE 15th Ave Vancouver $45,500,000 210 $216,667 $221.83 1990

208 2-Apr-18 Vancouver Center 601 Columbia Vancouver $14,521,000 112 $129,652 $114.29 2002

266 4-Dec-18 Orchards Rowhomes 6016 NE 105th Ave Vancouver $9,525,000 34 $280,147 $177.72 2018

284 16-Jul-18 Avenue 66 4721 NE 66th Ave Vancouver $8,600,000 56 $153,571 $185.03 2016

321 1-Oct-18 Royal Crest 2702-2812 NE 86th Ave Vancouver $7,252,000 40 $181,300 $160.52 1972

356 17-May-18 White Peaks 907 SE Park Crest Ave Vancouver $6,216,300 34 $182,832 $157.65 1991

359 6-Nov-18 LIH - Rockwood Terrace 525 C Washougal $6,153,500 62 $99,250 $114.67 1978

393 16-Aug-18 Villas at Walnut Park 5806 NE 72nd Ave Vancouver $5,250,000 19 $276,316 $175.91 2018

Average $23,254,128 106.3 $217,181 $189.87 1998.0






50 31-May-18 Columbia Trails 1112 NW 15th St Gresham $55,394,400 264 $209,827 $216.93 2002



119 20-Jul-18 Binford 6905 NE Hancock Portland - NE $30,729,309 182 $168,842 $178.43 1949


130 27-Sep-18 Wilmore (+ retail) 4327 N Williams Portland - N $28,000,000 78 $358,974 $254.67 2015

Average $67,117,371 188.0 $343,289 $326.51 2002.7







45 14-Nov-18 Andover Park 15282 SW Teal Blvd Beaverton $58,000,000 240 $241,667 $254.60 1989

61 1-Oct-18 StoneRidge at Cornell (Portfolio) 14800 NW Cornell Rd Beaverton $51,260,000 233 $220,000 $269.77 1985

82 17-Oct-18 Atwell Off Main 12850 SW Ash Tigard $45,000,000 165 $272,727 $357.14 2017

131 28-Jun-18 Pacific Crest 10695 SW Murdock Tigard $28,000,000 156 $179,487 $224.72 1969

141 26-Oct-18 Bull Mountain Heights 11430 SW Bull Mountain Tigard $25,675,000 126 $203,770 $248.69 1996

Average $61,043,500 244.2 $249,450 $275.06 1997.2

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2013-2018 Largest Sales by Gross $

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2013-2018 Largest Sales by Price



2 11-Nov-16 LaSalle 15021 SW Millikan Way Beaverton $140,000,000 566 $247,350 $239.22 1997

3 11-Dec-16 The Yard 22 NE 2nd Portland - NE $126,680,000 284 $446,056 $367.97 2015

4 22-Aug-17 Verandas at Overlook 2994 NW Overlook Hillsboro $120,000,000 480 $250,000 $278.12 1995

5 18-Nov-16 Eddyline @ Bridgeport 18049 SW Lower Boones Ferry Rd Tualatin $118,100,000 367 $321,798 $344.40 2014

6 19-Jun-14 The Asa 1200-1220 NW Marshall St Portland - Central $105,500,000 231 $456,710 $319.70 2008


8 15-Sep-15 Riverplace Square 1811 SW River Dr Portland - Central $97,200,000 290 $335,172 $324.13 1998

9 30-Nov-16 Seven West at the Trails 14790 SW Scholls Ferry Rd Beaverton $96,000,000 423 $226,950 $276.47 1996

10 20-May-13 Cyan PDX 1720 SW 4th Ave Portland - Central $95,750,000 352 $272,017 $253.42 2009

11 04-Dec-17 Amberglen West 1109 NE 89th Ave HIllsboro $95,000,000 396 $239,899 $255.21 2016

12 18-Dec-15 Village at Main Street 30050 SW Town Center Loop W Wilsonville $95,000,000 464 $204,741 $182.06 1998

13 31-Mar-16 Waterline 2080 NW Front Ave Portland - Central $94,000,000 243 $386,831 $269.23 2015

14 01-Dec-16 Alara Hedges Creek 8900-8975 SW Sweek Dr Tualatin $93,000,000 408 $227,941 $246.28 1998


16 04-Sep-15 Sterling Pointe 14437 SW Teal Blvd Beaverton $91,080,000 630 $144,571 $158.54 1987



19 17-May-16 Breckenridge (Brookdale Glen) 8150 SW Barnes Portland - W $81,500,000 357 $228,291 $298.07 1986

20 13-Dec-17 Arbor Heights 15199 SW Royalty Pky Tigard $81,000,000 348 $232,759 $200.82 1987

21 21-Aug-14 Rock Creek Landing 3009 NW Overlook Dr Hillsboro $80,000,000 480 $166,667 $185.41 1995

22 01-Dec-16 Tanasbourne Terrace (Portfolio) 19000 NW Evergreen Pky (Part of Portfolio) Hillsboro $78,340,000 373 $210,027 $207.63 1989

23 14-Oct-16 One Jefferson 1 Jefferson Pky Lake Oswego $78,000,000 348 $224,138 $214.38 1985

24 29-Sep-16 Green Leaf Monterey (Wellington Springs) 8640 SE Causey Ave Happy Valley $76,000,000 390 $194,872 $207.68 1990


26 20-Jul-17 Jory Trail 8520-8750 SW Ash Meadows Blvd Wilsonville $75,000,000 324 $231,481 $183.15 2012

27 01-Dec-16 The Club at Tanasbourne (Portfolio) 2323 NW 188th Ave (Part of Portfolio) Hillsboro $72,980,000 352 $207,330 $221.55 1989


29 04-Oct-16 Rowlock (Portfolio - Equity Swap) 6350 NE Cherry Dr Hillsboro $70,000,000 255 $274,510 $217.27 2015


31 12-May-16 Cook Street 107 N Cook Portland - N $69,000,000 206 $334,951 $370.65 2014

32 20-Dec-17 Yacht Harbor Club (*Est CapRate) 11505 NE Yacht Harbor Portland - NE $68,000,000 174 $390,805 $343.11 2016


34 12-Jul-16 The Vue (nee Ione Plaza) 1717 SW Park Portland - Central $63,950,000 308 $207,630 $243.17 1951

35 27-Oct-16 Domaine at Villebois (Alexan Villebois) 28900 SW Villebois Dr Wilsonville $63,250,000 274 $230,839 $237.56 2008

36 03-Jun-14 One Jefferson 1 Jefferson Pky Lake Oswego $63,000,000 348 $181,034 $173.16 1987

37 05-Dec-13 Savier Flats 2244 NW Savier St Portland - Central $61,400,000 179 $343,017 $567.35 2013


39 13-Dec-17 Savier Flats 2244 NW Savier St Portland - Central $60,000,000 179 $335,196 $554.41 2013

40 31-Aug-15 Terrene at the Grove 8890 SW Ash Meadows Cir Wilsonville $59,500,000 288 $206,597 $205.86 2013

portland apartment market sales history 2013-2018 · 2013-2018 portland apartment market issues ......

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