Joe Chaplik at Joseph Bernard Investment Real Estate sent me a summary of apartment building investment transactions for Q3 in the Portland area and surrounding counties:
- Transactions in Q3: 39, including 27 in Multnomah County (Portland is the County seat)
- Transactions YTD: 114, averaging 38 per quarter.
- Total transaction volume Q3: $164,115,807
- Total units in Q3 transactions: 1,385
- Average price per unit Q3 in Multnomah Co: $100,794; up 49% from year ago.
- Q3 average cap rate: 6.32, up from 6.24 last quarter.
- 80% of the transactions in Q3 were properties with less than 50 units.
- See the whole report here.
With cap rates 100 basis points higher than Seattle (and a much friendlier landlord-tenant environment), the PDX market looks like an attractive alternative. What is your take on that market?