Portland Apartment Market Investment Report Portland’s ...opb-imgserve-production.s3-website-us-west-2.amazonaws.com/... · investment market indicators. Nation-leading rent growth,

Portland’s Emergence

MARKET SNAPSHOT 2Q2015 2Q2014 Delta YoY Change

Population 2,345,333 30,779 1.33%

Households 917,810 907,882 1.09%

Total Apartment Inventory 112,372 2,528 2.30%

Average Effective Rent $1,286 $141 12.31%

Average Rent PSF $1.43 $0.15 12.06%

Average Unit Size (SF) 899 2 0.22%

Vacancy Rate 3.60% — 40 bps

Unemployment Rate 5.70% — -60 bps

Total Jobs 1,116,200 1,071,700 4.15%

Best performing multifamily

investment market in the

nation in terms of rent

growth, revenue growth, and

vacancy rate

(> 2 million population)

1st in GDP growth amongst

50 largest U.S. economies

from 2009 to 2013

Oregon ranked #1 for

percentage of net inbound

moves in 2013 & 2014

#3 Best Places for

Business & Careers in U.S.

“America’s Only Livable City”

The Multi-housing Investment Report for the first half of 2015 (1H2015), is HFF Portland’s 1st semi-annual publication detailing macroeconomic trends relating to multi-housing real estate investment within the Portland MSA. Our goal is to inform investors of trends in Portland’s rental and capital markets, as well as highlight reoccurring consumer, business, and job market trends that relate to real estate investing fundamentals. The report sources data compiled from major recognized apartment research firms, such as Axiometrics, REIS, CoStar, and Pierce Eislen, and is accompanied by commentary from HFF analysts and local publications.

AS A MAJOR U.S. REAL ESTATE MARKET

Portland Apartment Market Investment Report 1H2015

1 of 12

In the first half of 2015, the Portland apartment market flourished, showing improvements across nearly all major economic and investment market indicators. Nation-leading rent growth, driven by ample in-migration and a thriving economy, has made Portland one of the best places for multi-family real estate investment in the United States. As of July 2015, asking rents in the Portland MSA increased by an impressive 13.8% year-over-year — an acceleration of 720 bps over the 6.6% annual growth rate in July 2014 — enough to place 1st among all large U.S. metros. The second quarter of 2015 also marked the 21st consecutive period of sub-5% vacancy in the MSA, which registered at 3.6% market-wide. The market-wide rent growth is stemming from rents set by new construction, and top performing properties in the downtown core area, which easily exceed $3.00 per square foot in many instances—a rate that Portland had not seen prior to 2015. The downtown “Class-A” apartment deliveries have begun to force middle-income earners to seek housing in close-in suburban areas, where Portland’s Urban Growth Boundary continues to constrain supply.

As seen in the top right chart of this page, rent growth in the Portland MSA has easily surpassed previous rent growth projections of major notable research firms over the last 36 months, with the fastest acceleration occurring in the trailing-6 months

0%

2%

4%

6%

8%

10%

12%

14%

16%

Mia

mi

Port

land

Den

ver

San

Fran

Sacr

amen

toSa

n D

iego

Atla

nta

Orla

ndo

Tam

paSe

attle

Los

Ang

eles

Dal

las

Inla

nd E

mp

Bos

ton

Phoe

nix

Nat

iona

lLa

s Ve

gas

Jack

sonv

ille

NC

Tria

ngle

Aus

tinH

oust

onO

rang

e Ct

yCh

icag

oKa

nsas

Cit

yTw

in C

ities

San

Ant

onio

Nas

h/Kn

oxPh

ilade

lphi

aB

altim

ore

Was

h D

CRi

chm

ond

14.6%

YoY Rent Growth by Major U.S. Market

1%

3%

5%

7%

9%

11%

13%

15%

2012 2013 2014 2015 2016 2017 2018 2019

Forecast Period

13.8%

9.1%7.9%7.9%

3.4%4.0% 4.0% 4.5% 4.3%

Portland MSA Rent Performance

Reality HFF Witten Axiometrics REIS

Strongest Employment Growth in over a Decade

Portland’s revitalized employment market, which surpassed pre-recession performance levels in 1H2015, is a primary force driving market fundamentals. According to Oregon Labor Market Information Systems (“OLMIS”), the July unemployment rate (5.7%) has declined 60 bps year-over-year. The unemployment rate is indicative to the relative strength of the employment market throughout the MSA, which added ±40,900 (4.4%) private sector jobs in the past year, and ±44,500 (4.2%) total non-farm jobs (not seasonally adjusted).

Since the trough in 2Q2010, the Portland MSA has added 117,500 private sector jobs, a 14% increase.

Portland MSA Historical Job Growth by Month

-80,000

-60,000

-40,000

-20,000

0

20,000

40,000

60,000

Jan-

02Ju

l-02

Jan-

03Ju

l-03

Jan-

04Ju

l-04

Jan-

05Ju

l-05

Jan-

06Ju

l-06

Jan-

07Ju

l-07

Jan-

08Ju

l-08

Jan-

09Ju

l-09

Jan-

10Ju

l-10

Jan-

11Ju

l-11

Jan-

12Ju

l-12

Jan-

13Ju

l-13

Jan-

14Ju

l-14

Jan-

15Ju

l-15


2 of 12

The charts above represent the percentage of income residents allocate towards housing costs in major West Coast markets.

In-Migration Outweighing Supply Additions

Portland’s quality of living and relative affordability compared to other West Coast markets has resulted in significant resident and business in-migration. Since 2010, the Portland MSA added approximately 50,010 households (+5.8%). During the same period, an estimated 6,939 multi-family units and 24,700 single family homes were constructed, resulting in a shortage of roughly 18,371 housing units and upward pressure on housing costs.

Allocation towards housing costs reached an all-time high in Portland in 4Q2014 at ±19.3%. The recent increase in the amount Portlander’s are willing to spend on housing contributes to the city’s substantial rent growth. Although this allocation has increased in recent years, the cost ratio is well below the typical one-third of an individual’s gross income, and also below many other West Coast cities which often exceed 35%. The current gap between similar markets, positions Portland well among its western US peers, and suggests that rents may have room to grow until they reach comparable levels.

5%

10%

15%

20%

25%

30%

35%

40%

$10

$30

$50

$70

$90

$110

2008 2009 2010 2011 2012 2013 2014 2015

20.9%Housing Cost/Total Income (RHS)

Disposable Income Ex-Housing (LHS)

Annual Housing Cost (LHS)

Portland MSA

5%

10%

15%

20%

25%

30%

35%

40%

$10

$30

$50

$70

$90

$110

2008 2009 2010 2011 2012 2013 2014 2015

37.7%

Seattle MSA

5%

10%

15%

20%

25%

30%

35%

40%

$10

$30

$50

$70

$90

$110

2008 2009 2010 2011 2012 2013 2014 2015

23.4%

San Francisco MSA

INCOME ALLOCATION TOWARDS HOUSING COSTS


3 of 12

SUBMARKET SNAPSHOT

SubmarketInventory

(Units)Annual Inventory

GrowthYoY

ChangeAvg Effective

Rent Rent PSF

YoY Change

VacancyYoY

ChangeBeaverton/Hillsboro 31,573 243 0.78% $1,092 $1.27 15.1% 3.10% -30 bps

Tigard/Oswego 18,859 276 1.49% $1,137 $1.25 9.8% 2.80% 10 bps

Vancouver 17,403 400 2.35% $973 $1.09 14.6% 4.70% -20 bpsEast Gresham 13,879 54 0.39% $870 $1.07 17.2% 0.80% 10 bpsNorthwest 12,515 746 6.34% $1,645 $2.21 7.9% 6.90% 170 bpsMilwaukie/Oregon City 9,540 0 0.00% $977 $1.20 13.9% 1.00% -80 bpsNortheast 8,603 809 10.38% $1,245 $1.78 7.8% 7.20% 360 bpsTotal/Average 112,372 2,528 2.30% $1,286 $1.43 12.31% 3.60% 40 bps

Portland MSA Apartment Market InventoryPortland MSA Apartment Market Rents

0

1

2

3

4

5

6

7%

$700

$750

$800

$850

$900

$950

$1,000Rent Vacancy

VACANCY

2015201420132012201120100

1

2

3

4

5

6

7%Vacancy

201520142013201220112010

Units

98,000

100,000

102,000

104,000

106,000

108,000

110,000

112,000

114,000

VACANCY

PORTLAND MARKET HISTORICAL DATA


4 of 12

MAX Orange Line Expansion: The 7.3-mile light rail extension was just completed in South Portland. The $1.5 billion infrastructure investment is estimated to generate 14,500 jobs and $573 million in personal earnings in the MSA. The project also includes a $143 million transit bridge named Tilikum Crossing. Both projects were under budget and ahead of schedule.

Recent Notable News

Nike: In early 2015, Nike began construction on its $440+ million, 1.3 million sq. ft. campus expansion. Development plans consist of two new office buildings, 288,000 sq. ft. accessory space and 4,700 additional employee parking spaces. The expansion is projected to create 12,000 direct and indirect jobs by 2020, adding to the company’s employment growth that has exceeded a 60% increase in Portland since 2006.

Oregon Health & Sciences University: OHSU is in the middle of multiple expansion projects, which are largely funded by Phil Knight’s “Billion Dollar Cancer Challenge”. The challenge successfully reached its $500 million public contribution goal in June and will be matched by the Knight family, totaling $1 billion of total contribution. OHSU plans to develop two additional research facilities, as well as an outpatient and guest housing building, at roughly one million sq. ft. in Portland’s South Waterfront. This comes off the 2014 opening of the $295 million Collaborative Life Sciences Building. With more than 650,000 sq. ft. of labs and classrooms, it is the largest educational building in Oregon, catering to over 3,000 employees, students and patients daily.

Under Armour: In April 2015 Under Armour announced plans for expansion, leasing ±70,000 sq. ft. of the former YMCA building just south of Portland CBD. This will nearly quadruple the company’s existing Portland office space, and provide room for an estimated 300 additional employees.

Google: During the 1st quarter of 2015, Google announced the opening of a Portland office, leasing 5,000 sq. ft. in the U.S. Bank building in downtown Portland. Sources estimate that 100 employees will move into the space, and also suggest the company is seeking additional space in the downtown area.


5 of 12

Portland MSA Capital TrendsThe Portland apartment market had a record amount of transactions and total sales volume throughout the first half of 2015. Year-to-date, there have been 22 transactions over $10MM—twice the amount at this point in 2014 —for a total sales volume of $729,561,667 and a 70.6% year-over-year increase. The highly liquid market in 2015 draws comparisons to peak conditions of 2007, as transactional volume has eclipsed pre-recession levels by over 16%. In 2015 the $10MM+ investor pool has become increasingly diverse as 19 different investors have made acquisitions in the market, the highest number for the first half of any year.

$50,000

0

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

20022003

20042005

20062007

20082009

20102011

20122013

20142015

Portland MSA Historical Rolling Sales Price Per Unit

Apartments Garden Mid/High rise Previous Peak

0

5

10

15

20

25

30

35

40

45

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000

$1,200,000,000

$1,400,000,000

$1,600,000,000

20022003

20042005

20062007

20082009

20102011

20122013

20142015

# of TransactionsTransaction Volume

Portland MSA Historical Rolling 12 Month Sales Volume (+$10M)

Apartments Garden Mid/High rise X Transactions

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

9/30

/201

0

12/3

1/20

10

3/31

/201

1

6/30

/201

1

9/30

/201

1

12/3

1/20

11

3/31

/201

2

6/30

/201

2

9/30

/201

2

12/3

1/20

12

3/31

/201

3

6/30

/201

3

9/30

/201

3

12/3

1/20

13

3/31

/201

4

6/30

/201

4

9/30

/201

4

12/3

1/20

14

3/31

/201

5

6/31

/201

5

Historical Cap Rates — West Coast Markets

Portland Los Angeles San Francisco Seattle

Per unit pricing for multi-family assets in the Portland MSA also registered strong increases during the period, ultimately remaining equal to record highs set in 4Q2014 for three consecutive quarters. Per Real Capital Analytics, the 12-month rolling average sale price per unit was $173,994 ($5MM+ transactions). The 1H2015 price per unit metrics reflect a decline of 2% from record numbers of YE2014 (largely due to 2015 urban transactions having smaller unit sizes), but are 28.4% greater than the peak pricing levels of 2008. Meanwhile, price per square foot metrics saw large increases across both product types, up 9% year-over-year, on average. The increased valuation of “Suburban” property types, which inflated 13% year-over-year and roughly 50% over pre-recession period, had the largest attribution to the accelerated pricing. Exceptional rent growth, coupled with flat, to slightly declining, cap rates as a result of strong investor demand, have driven these price trends.

As cap rates continuously decline, many west coast markets have appreciated in value. The Portland MSA in particular experienced the greatest cap rate compression of comparable markets over the last 12 months, falling 37 bps (Average of major west coast markets was -23 bps). Currently, Portland MSA cap rates for core assets are 4–4.5%, and value-add cap rates are 4.75–5.25%.

Increases in urban transactions and compressed cap rates signal a strong Portland market. These market conditions tend to yield a greater amount of investment activity, which could be a continuing trend for Portland in the coming years.


6 of 12

1H2014 Transactions Volume Average Price $/Unit $/PSF

Urban 2 $158,500,000 $79,250,000 $378,282 $486Suburban 9 $269,237,428 $29,915,270 $136,254 $137Total 11 $427,737,428 $38,885,221 $178,596 $186

1H2015 Transactions Volume Average Price $/Unit $/PSF

Urban 5 $165,845,000 $33,169,000 $327,110 $509Suburban 17 $563,716,667 $33,159,804 $154,232 $157Total 22 $729,561,667 $33,161,894 $175,291 $203

Year-Over-Year Change Transactions Volume Average Price $/Unit $/PSF

Urban 150% 5% -58% -14% 5%Suburban 89% 109% 11% 13% 15%Total 100% 71% -15% -2% 9%

YTD SALES COMPARABLES AS OF AUGUST 2015

Date Name Loc. Type Year Built Address City Units NRSFUnit

SizePrice $/Unit $/SF Buyer

8/15 Terrene at the Grove Sub G 2013 8890 SW Ash Meadows Circle Wilsonville 288 291,588 1,012 $59,500,000 $206,597 $204 Jackson Square Properties

8/15 Arnada Pointe Sub G 1996 4820 NE Hazel Dell Avenue Vancouver 200 193,404 967 $28,100,000 $140,500 $145 Strata Equity Group

8/15 The Addison Sub G 2009 7531 NE 18th Street Vancouver 147 166,617 1,133 $21,750,000 $147,959 $131 Jackson Square Properties/ Friedkin Realty

8/15 Burnside 26 Urb M 2014 2624 East Burnside Street Portland 135 80,126 594 $41,500,000 $307,407 $518 Blackrock Realty Advisors

7/15 Courtyard at Cedar Hills Sub G 1969 13643 SW Electric Street Beaverton 145 130,444 900 $19,850,000 $136,897 $152 Virtu Investments

7/15 Park at Tualatin* Sub G 1978 7800 SW Sagert Street Tualatin 210 161,172 767 $28,000,000 $133,333 $174 Tru America Multifamily

7/15 The Cordelia Urb M 2014 777 NW 19th Avenue Portland 135 90,017 667 $47,750,000 $353,704 $530 TIAA-CREF

7/15 Columbia Trails Sub G 2002 1112 NW 15th Street Gresham 264 254,596 964 $38,400,000 $145,455 $151 American Capital Group

7/15 Miramonte Lodge* Sub G 1990/1991 12200 SE McLoughlin Boulevard Milwaukie 210 164,144 782 $29,600,000 $140,952 $180 Starwood Capital Group

7/15 The Bluffs* Sub G 1968 12601 SE River Road Milwaukie 137 100,837 736 $17,500,000 $127,737 $174 Starwood Capital Group

6/15 Andover Park Sub G 1989 15250 SW Teal Boulevard Beaverton 240 233,674 974 $45,250,000 $188,542 $194 DiNapoli Capital Partners

6/15 Domaine at Villebois Sub G 2007 28900 SW Villebois Drive Wilsonville 274 266,243 972 $48,025,000 $175,274 $180 Holland Partner Group

6/15 Museum Place Urb M 2003 1010 SW Jefferson Street Portland 140 104,790 749 $59,500,000 $425,000 $568 Zurich Global Investment Advisors

6/15 206 Sub P 2014 2451 NW 206th Avenue Hillsboro 203 174,885 862 $47,275,000 $232,882 $270 The Praedium Group

6/15 Powell Valley Farms Sub G 1999 1500 SW Pleasant View Drive Gresham 228 195,354 857 $27,800,000 $121,930 $142 Jackson Square Properties

6/15 Summerlinn Sub G 1999/2005 400 Springtree Lane West Linn 94 116,748 1,242 $19,200,000 $204,255 $164 The Reliant Group

6/15 Wyndham Park Sub G 1995 14790 SW Scholls Ferry Road Beaverton 423 333,813 789 $63,900,000 $151,064 $191 Holland Partner Group

6/15 Haven at Charbonneau Sub G 1989 8755 SW Illahee Court Wilsonville 126 109,582 870 $16,000,000 $126,984 $146 TruAmerica Multifamily

4/15 Canyon Creek Sub G 1999 26310 SW Canyon Creek Road Wilsonville 372 319,092 858 $49,500,000 $133,065 $155 Aukum Management

3/15 The Parker Urb M 2014 1447 NW 12th Avenue Portland 177 118,664 670 Conf. Conf. Conf. Invesco

3/15 Parkside Sub G 1999 2831 SE Palmquist Road Gresham 225 203,028 902 $23,100,000 $102,667 $114 KKR/Crossbeam

3/15 Redwood Creek Sub G 1980 12015 SW Walden Lane Beaverton 406 343,640 846 $48,750,000 $120,074 $142 Tandem Property Management

3/15 Jasper Place* Sub G 1985 18300 NW Walker Road Beaverton 100 98,527 985 $14,800,000 $148,000 $150 The Blackstone Group

3/15 Willow Grove* Sub G 1988 11981 SW Center Street Beaverton 119 110,820 931 $17,300,000 $145,378 $156 The Blackstone Group

3/15 Jasper Square* Sub G 1985 15195 SW Walker Road Beaverton 83 81,005 976 $14,366,667 $173,092 $177 The Blackstone Group

2/15 Element 170 Sub P 2014 1563 SW 172nd Terrace Beaverton 243 174,746 719 $39,000,000 $160,494 $223 Security Properties

2/15 Harbour Court Sub P 2000 910 North Harbour Drive Portland 99 98,815 998 $17,700,000 $178,788 $179 ConAm

1/15 Jory Trail Sub G 2012 8750 SW Ash Meadows Road Wilsonville 324 315,249 973 $59,000,000 $182,099 $187 M&C Properties

1/15 Central Eastside Lofts Urb M 2011 111 NE 6th Avenue Portland 70 40,493 578 $18,945,000 $270,643 $468 Juniper Management

Average 201 174,900 872 $34,334,345 $165,268 $190

Total (29 sales) 5,817 5,072,113 $961,361,667

*Property was part of a portfolio sale

Multi-family Sales Summary ($10M+)

Urb: Urban, Sub: Suburban, G: Garden, M: Midrise, P: Podium


7 of 12

Development Pipeline

Since the economic downturn, supply arrived late to the Portland MSA market, creating a shortage of multi-housing units and generating pent-up demand. As seen below, an estimated 6,903 total units were delivered since 2010 throughout the metro area, with approximately 2,992 units estimated to be currently in lease-up throughout the MSA. During the 5 year time span, the market has experienced positive net absorption of 8,467, averaging a positive net absorption of 1,693 units annually. With the spike in deliveries in 2015, this number has experienced a decline, but still remained positive for the 22nd consecutive quarter. Over the next four years, analysts forecast 14,272 units scheduled for delivery throughout the market, relieving some demand pressure.

Average Quarterly Net Absorption vs. Average Quarterly Deliveries

0100200300400500600700800900

1,000

2009 2010 2011 2012 2013 2014 2015

Deliveries

NET ABSORPTION

PORTLAND MSA PIPELINE

Submarket # of Properties Units

SW Portland 17 2,733

North Portland 16 1,725

SE Portland 15 1,785

NW Portland 12 1,738

NE Portland 11 1,452

Vancouver 9 1,430

Pearl District 7 1,456

Beaverton 5 884

Lloyd District 4 1,597

Hillsboro 4 1,045

South Waterfront 2 380

Oregon City 2 424

Beaverton/Portland 1 112

Tualatin 1 180

Lake Oswego 1 201

Hazel Dell 1 122

Portland MSA 108 17,264

* Numbers include properties in lease up

DELIVERY BY YEAR

Year # of Properties Units

Leasing/Pre-leasing 16 2,505

2015 10 1,090

2016 28 4,250

2017 13 2,633

2018 1 425

TBD 41 6,572

Total: 109 17,475

HISTORICAL DEVELOPMENT

Year Units Delivered

2010 660

2011 71

2012 1,465

2013 2,340

2014 3,027

Projected YE 2015 3,624

Total: 11,187

A focus around transit-oriented development will continue, as urban areas and the Orenco Station neighborhood of Hillsboro are scheduled to receive a majority of the deliveries. Despite the projected supply increase in Portland, the demand outlook remains strong, as the MSA added 50,010 households and 122,000 jobs since 2010. Even in light of the additions that have already occurred the vacancy rate is only 3.6% as of today, and has remained relatively flat with an average rate of 4.3% since January 2010.


8 of 12

1. Providing live debt quotes. We function as an active trading desk. Our information sharing system, CapTrack, provides real-time insight on lenders nationwide. We can pull up all quotes from, for instance, the last ten days to help calculate spot-on debt pricing.

2. Feeding an active buyer list. We are informed of buyers nationwide who may be seeking a specific asset type at any given time. This allows us to have continuously updated lists of active buyers in the marketplace.

3. Pushing price. Confidence in financing often leads to more aggressive bidding. Buyers can be more competitive with their bids when the financing options increase.

4. Increasing number of bids. Financing options open up the buyer pool; leveraged buyers are able to compete against formidable all-cash players.

5. Reducing risk. Minimize unrealistic financing offers—the process is open to us, and under our control. From start to finish, we know

what is required for a seamless close and a satisfied client.

HFF Capabilities

CAPITALCONSUMERS

DevelopersProperty Owners

Private Equity FundsInstitutional Investors

REITs

CAPITAL PROVIDERSCommercial BanksInvestment Banks

CMBS Conduits/Debt FundsInstitutional Investors/REITsLife Insurance Companies

LOANSERVICING

EQUITYPLACEMENT

FUNDSMARKETING

(HFF SECURITIES)INVESTMENTSALES

LOANSALES

DEBTPLACEMENT

# of TransactionsTotal Sales Volume

$894,300,000

$583,200,000

$252,500,000$234,500,000

$185,900,000

28

1617

16

0

5

10

15

20

25

30

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

$800,000,000

$900,000,000

$1,000,000,000

7

1616

28

17

Top 5 Multi-Family Intermediaries 2014–2015 Since 2014, HFF

has ranked as

the #1 apartment

intermediary in

Portland, with

$894,300,000 in

total transactional

sales volume, and

$323,621,300 in

total apartment

financing secured.


9 of 12

Kerry Hughes

Associate Director

503.417.5584 [email protected]

Mr. Hughes is an Associate Director with ten years of experience in the commercial real estate and finance industry. He is primarily responsible for investment sales and equity placement for multi-housing transactions in the Pacific Northwest.

Mr. Hughes joined HFF in April 2008. While at HFF, he has contributed to the closing of 89 separate transactions totaling approximately $2.1 billion in volume. These transactions include more than $730 million in debt placement across all product types and $1.37 billion in investment sales and equity placement for multi-housing assets. Prior to joining the firm, Mr. Hughes had three years of multi-housing management experience with HSC Real Estate, Inc.

Ira Virden

Managing Director

503.417.5587 [email protected]

Mr. Virden is a Managing Director with more than nine years of experience in the commercial real estate and finance industry. He is primarily responsible for investment sales, recapitalizations and raising joint venture equity for multi-housing transactions in the Pacific Northwest.

Mr. Virden joined HFF in January 2012. Prior to joining the firm, Mr. Virden served as a Senior Associate at Apartment Realty Advisors (ARA) where he helped open the Portland office. Prior to that, he was a Senior Associate and Associate Director of the NMHG at Marcus & Millichap.

HFF Team


10 of 12

Recent Transactions

Under Contract Currently Marketing

TERRENE AT THE GROVE

$59,500,000Investment Sale

288 unitsWilsonville, OR

MIRAMONTE LODGE & THE BLUFFS


368 unitsMilwaukie, OR

THE ADDISON


147 unitsVancouver, WA

COLUMBIA TRAILS


264 unitsGresham, OR

PREMIERE ON PINE


386 unitsSeattle, WA

THE CORDELIA


135 unitsPortland, OR

THE PARKER

ConfidentialInvestment Sale


CANYON CREEK



THE PARK AT TUALATIN


210 unitsTualatin, OR

JORY TRAIL AT THE GROVE

$59,000,000Investment Sale& Debt Placement


THE MARK AT LAKE OSWEGO

Under ContractInvestment Sale

82 unitsLake Oswego, OR

HONEYMAN HARDWARE LOFTS



TOWNHOMES WITH A VIEW

$16,250,000 Investment Sale& Debt Placement

192 unitsClackamas, OR

HARRISON TOWER

$53,000,000 Investment Sale


SENECA VILLAGE


264 unitsHillsboro, OR

ROCK CREEK LANDING



ASA FLATS & LOFTS



PLATFORM 14

Currently MarketingInvestment Sale


THE POINTE



AVALON

Under ContractInvestment Sale

225 unitsGresham, OR

ARDENDALE



ARBOR CREEK


440 unitsBeaverton, OR

SUNNYSIDE PLACE


108 unitsClackamas, OR

HIGHLAND HILLS



THE POINTE



WATERHOUSE PLACE


279 unitsBeaverton, OR

MONTCLAIR TERRACE




11 of 12

HFF Marketing Team

Ira Virden

Managing Director

503.417.5587 • [email protected]

Kerry Hughes

Associate Director


Anthony Palladino

Real Estate Analyst


Dean Ferris

Real Estate Analyst


Tristin Brenneke

Production Coordinator


HFF Portland1000 SW Broadway, Suite 900Portland, OR 97205 | 503.224.0444

©2015 HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices

nationwide and is a leading provider of commercial real estate and capital markets services to the U.S.

commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national

capital markets platform including debt placement, investment sales, equity placement, advisory services, loan

sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

Information concerning the properties described herein has been obtained from sources other than HFF and

we make no representations or warranties, express or implied, as to the accuracy or completeness of such

information. Any and all references to age, square footage, income, expenses and any other specific information

are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for

illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a

buyer. The client acknowledges market conditions may differ and/or change from those stated herein and as

such any marketing proposal may need to be revised to reflect such conditions.


Portland Apartment Market Investment Report Portland’s ...opb-imgserve-production.s3-website-us-west-2.amazonaws.com/... · investment market indicators. Nation-leading rent growth,

Documents