Colliers Multifamily Experts Facilitate Purchase of 25-unit Asset in Hot Portland Neighborhood.
A small family investment group boosted its multifamily portfolio this week when it purchased the Crystal Shores apartments in Portland, OR for $4 million. The 25-unit complex built in 1971 is currently 100% occupied and located in one of Portland’s most desirable, up-and-coming neighborhoods. Dan Chhan, Tim McKay and Sam Wayne of Colliers International represented the buyers in the sale
“Portland has historically been a very strong rental market with apartment vacancies consistently below the national average, but with cap rates and returns 50 to 100 bps higher than we can offer in Seattle.” said Tim McKay. “Even in the midst of the pandemic, assets located in Portland offer the potential for exceptional return on investment. The Lincoln family was wise to expand their portfolio with this asset.”
Crystal Shores is nestled in Portland’s popular Sellwood-Moreland neighborhood, which features dozens of restaurants, coffee shops and bars. The area has a walk score of 81, a bike score of 95 and is minutes from outdoor recreation at Sellwood Riverfront Park and Oaks Bottom Wildlife Refuge. It is also a short drive from downtown Portland and major employers such as Columbia Sportswear, Nike and Intel.
The property was listed and Greg Frick, Todd Tully, and Rob Stigile of HFO Investment Real Estate LLC.
AboutMcKay, Chhan, Wayne
We have a reputation for going above and beyond for our clients, providing efficient, professional services with an intensity of execution not available anywhere else. We have a solution-driven mindset that is obvious in our analysis, brokerage and marketing efforts. Our capital markets expertise leverages market intelligence, financial acumen and solid partnerships to structure the best deal possible for our clients. Simply put, we align our goals around yours.
We provide full-service solutions to multifamily owners, investors, and developers, including; acquisitions and dispositions, valuation and financial analysis, property management, debt and equity, rehabilitation and repositioning, development feasibility study.
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