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4/08/15
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A private investor paid $6.96 mil for Sellwood Apartments, a 46-unit ($151.3k/unit) res property in Portland. Located at 1721 SE Tacoma St, Sellwood Apartments is positioned in the heart of the south end of the Sellwood neighborhood, close to a popular retail corridor, Eastmoreland Park and the Springwater Trail bike path.
Sellwood Apartments is comprised of 46 units. At the time of sale, it was 95% leased.
Sean Worl and Jared Whipps of CBRE’s Capital Markets Multifamily Investment Properties team represented the buyer, Victorian Apts S.W., LLC. Nick Santangelo from CBRE Portland’s Debt & Structured Finance team arranged financing for the buyer. A ten-year fixed rate loan term at 3.99% was secured on behalf of the borrower.
CBRE was hired to assist the buyer from start to finish in what was a 1031 Exchange. According to Worl, “This asset was the ideal trade scenario to meet our client’s goals. The Sellwood Apartments allows our client to step away from day-to-day management, not worry about significant deferred maintenance in the near term as well as re-engage the tax benefits of owning real estate.”
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