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June 15, 2024
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RM Communities Closes 64-Unit OR Res Purchase


RM Communities has purchased Edison Apartments, a 64-unit apartment community in Gresham, the largest suburb of Portland, for $19.5 mil ($305k/unit). The asset was sold by Trion Properties, who acquired it in October 2020 for $12 mil.

Completed in 2020, The Edison Apartments is located at 1833 SE 6th St. The development features 64 spacious units with a condominium quality finishes. The property consists almost entirely of spacious two-bedroom/two-bath units with in-unit washer/dryers. In-unit amenities also include modern stainless-steel appliances, granite countertops, air conditioning in every unit, modern wood blinds, large windows, and a storage unit with every unit.

Community amenities include on-site parking, a communal picnic area, children's playground, beautifully landscaped grounds, and video surveillance for added safety.

The property is located less than a mile away from the MAX Light Rail Gresham Station which connects Gresham to downtown Portland, Beaverton and Hillsboro, as well as the Portland International Airport. The property is also 5-minute drive from historic downtown Gresham and less than an hour away from summer and winter adventures in the Mt. Hood National Forest.

“We purchased this newly built property just as it obtained a certificate of occupancy in 2020, identifying it as an excellent opportunity to add a modern multifamily community to our portfolio at far below replacement cost,” explains Max Sharkansky, Managing Partner at Trion Properties. “This was a departure from our typical strategy in the Portland area of acquiring apartment communities of older vintages and implement light-to-moderate value-add renovations.”

Portland was ranked in the top 10 on U.S. News & World Report’s list of the 150 Best Places to Live in the U.S. in 2021-2022 and has consistently ranked as one of the top cities for in-migration over the last several years. As there continues to be an influx of new residents to the Portland metro, it is expected vacancy will decline significantly and rents will continue to rise. Gresham is projected to be one of the best rent growth areas in the Portland metro area as population growth continues to outpace housing supply, creating a competitive rental market, notes Sharkansky.

“The city of Gresham is the manufacturing and distribution hub of Portland, with industrial tenants continuously flocking to the area,” adds Sharkansky. “With the ongoing boom of industrial asset classes, Gresham is well positioned to continue to benefit from economic expansion tied to the rise of the e-commerce industry. The continued expansion has led to an increased need for quality housing to support the growing population of employees. Despite the increasing population, new construction has been limited as developers have focused on Portland’s core during the economic expansion. The result has been a submarket with some of the tightest vacancy rates and fastest rising rents in the state.”

Jordan Carter, Tyler Linn, and Clay Newton of Kidder Mathews represented Trion Properties as the seller in this transaction.

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