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3/06/15
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In Portland, a private investor paid $7.07 mil for Connery Place, a 72-unit ($98k/unit), garden-style multi-housing community located in the Montavilla neighborhood in southeast Portland.
Connery Place is composed of 12 two-story buildings with 38 one- and 34 two-bedroom units averaging 653 sf in size. The 97-percent-occupied property features a renovated clubhouse, outdoor pool, reserved parking spaces and 30-percent updated unit interiors.
The community is situated on 1.44 acres at 8110 SE Mill St, off of SE 82nd Ave and SE Division St. The area has a Walk Score® of 72, a Bike Score™ of 90 and is accessible from two bus stops and a MAX light rail stop within walking distance. The property is proximate to Mall 205, a two-story mall featuring more than 40 brand-name retailers, and Portland Community College Southeast Campus, which recently doubled in size from 94k sf to 200k sf.
Nick Klein, Tyler Linn and Ira Virden of HFF represented the buyer and the seller, Cumberland Holdings.
“We were convinced that a wise investor would see Connery Place as a viable investment because of the successful execution of Cumberland’s unit renovation and stabilization business plan,” Klein said. “With record rent growth near the central business district, the expansion of PCC Southeast and the growing popularity of the ‘Jade District’, southeast Portland’s ‘close-in’ neighborhood has quietly crept out to Interstate 205 and beyond. Investors seeking higher yields are opting to invest in aging properties in areas outside of the core in order to improve the properties and fulfill the growing demand for updated apartment communities.”
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