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9/20/22
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Next Wave Investors LLC has purchased The Nash, a 180-unit multifamily community in the Portland metro submarket of Gresham, OR, located in Multnomah County. The property, located at 224 SE 188th Ave, traded for $34 mil, or $189k/unit.
Built in 1975, The Nash provides direct access to TriMet’s public transit system, which provides seamless connectivity to downtown Portland and subsequent metro areas. The property offers a unit mix of 68 one-bedroom,104 two-bedroom, and eight three-bedroom units. Common amenities include a pool, children’s pool, spa, on-site laundry facilities, a playground, clubhouse and fitness center.
Next Wave will implement a series of in-unit capital improvements at the property including new appliances; upgraded cabinets, door frames, and drawers; countertop resurfacing; new vinyl flooring; contemporary plumbing and lighting fixtures; and new air conditioning wall units and window coverings. In addition, the firm plans to upgrade the property exterior with refreshed landscaping; refurbished roofing; parking lot resurfacing; renovation of the fitness center, pool and spa, and leasing office; and improved on-site security.
The acquisition is part of the firm’s ongoing expansion into Portland submarkets, which includes recent deals in Beaverton, Tualatin and Vancouver. According to Jordan Fisher, Principal at Next Wave, the Portland metro area has some of the strongest market fundamentals in the country for value-add investments, with a diversified job market of 97% occupancy recorded in Q1 of this year and resilient job growth in 2021 of 6.2% in the Portland-Vancouver-Hillsboro area.
In addition, Fisher notes that the Portland area continues to see heavy in-migration, causing projected rental-rate growth as high as 4% to 10% in the next three years. Redfin reports that Portland has been ranked the #1 metro area with the fastest-rising rents year over year.
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