SOLD! 22 units, Vancouver, Washington, the Greystone Apartments sold for $2,450,000. The property consists of one and two bedroom units, and was renovated and well maintained by the seller with upgraded interiors.
SALES PRICE: $2,450,000
Price Per Unit: $111,363
Price Per Square Foot: $163.33
Estimated cap rate (actual): 6.12%
The SW Washington and Vancouver market has seen renewed interest from buyers, as Portland apartment prices have escalated in recent years. Also, the tenancy in Vancouver has been strong, making it a nice submarket to invest.
The property was renovated by the sellers, the units were upgraded throughout, and the parking lot was also resurfaced. The property was built in 1987. Rents for the one bedroom units ranged from $725 to $835, and the two bedroom units ranged from $1,015 to $1,090.
The property features a quiet setting back from the street, with ample parking in front and back of the building. There is also a laundry room and two storage areas for supplies. The units had all been turned over during the past twenty four months and were in very good condition.
The sellers performed a number of capital expenditures during their ownership, including: new exterior doors, exterior paint, a new roof, parking lot, new gutters and siding repair. The interior upgrades included: cabinetry, resurfacing of countertops, new appliances and other replacements (lighting, window coverings, flooring, window coverings, etc.).
Bernard Gehret and Philip Barry of Joseph Bernard Investment Real Estate represented the buyer in transaction, and Rob Marton of HFO represented the sellers. For more information about this transaction, or for listings in the Vancouver, Washington area, call Bernard Gehret at 503-546-9390. Feel free to call Bernard for a Vancouver, Washington rent survey free of charge! For more information about listings in SW Washington or Oregon, click on Joseph Bernard Investment Real Estate here.