Institutional Property Advisors Closes $37.75 Million Multifamily Sale in Portland Metro Area
VANCOUVER, Wash., Dec. 22, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Treeline 604, a 166-unit apartment asset in Vancouver, Washington. The property sold for $37.75 million, which equates to $227,410 per unit and $248 per square foot.
“Treeline 604 is a 60%-renovated core-plus asset that was 97.5% occupied at the time of the sale,” said Anthony Palladino, IPA vice president. “The property’s strong historical performance is a clear indicator of the migration trends taking place within the MSA this year as residents are forgoing the convenience of urban amenities in exchange for added space and more economically feasible housing.” Palladino and IPA’s Giovanni Napoli,Philip Assouad, Ryan Dinius, and Sidney Warsinske represented the buyer, CEP Multifamily in CEP’s first acquisition in the Portland MSA.
“As of 4Q 2020, the unemployment rate in Clark County is 40 basis points lower than the MSA average,” added Palladino. “Pandemic-related job losses have been less impactful in the county, which experienced a 0.76% reduction in jobs year-over-year, faring much better than the MSA and the state.” Built in 1987, Treeline 604’s location provides residents with a convenient commute into downtown Portland via Interstate 205.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com