June 19, 2015— CBRE is pleased to announce the sale of Mitchell Court Apartments for $5,300,000. Sean Worl and Jared Whipps of CBRE’s Capital Markets Multifamily Investment Properties team exclusively represented both buyer and seller, and facilitated the transaction to a successful conclusion.
Mitchell Court is located at 5214 and 5224 SE 72nd Avenue, Portland, Oregon, in the up and coming Mt. Scott-Arleta Neighborhood of Inner Southeast Portland. The property was constructed in 1972 on two lots totaling over 74,000 square feet. The unit mix consists of 56 one bedroom one bathroom units at approximately 515 square feet and 12 two bedroom one bathroom units at approximately 832 square feet.
“This was an interesting deal. We had to do a lot of leg work to display the positive rent growth potential in this area. Not only rent surveys but demographic studies, getting a good understanding of public and private development in the community and walking the market to talk to neighbors. Many native Portlanders have an aversion to Foster and 72nd Avenue, so it was very important that we were able to support our assumptions,” commented Sean Worl.
The Mt Scott-Arleta Neighborhood benefits from its close proximity to downtown and other thriving urban neighborhoods. In the last year alone the Mt Scott-Arleta neighborhood has seen an increase in median home prices of over 11% and has a median gross rent of $984 per month. The neighborhood has a walkscore of 88 and bikescore of 74, which makes it an attractive place to live.
Jared Whipps added, “We were able to initiate a lot of interest for this property both locally and nationally. CBRE has the most powerful tool, access to an internal database of investors larger than any other commercial brokerage firm. A number of offers were fielded and the seller chose the one that best suited their needs. We were able to work through the escrow process and close this within 30 days. We are happy to have worked towards a win-win scenario for both buyer and seller.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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