SOLD! The Fessenden Court Apartments, a rent restricted and income restricted deal originally built by the Peninsula CDC (now defunct) sold for $860,000. The property features nine, three-bedroom, one bath units, with off-street parking and a laundry facility.
The interiors of the units have vinyl flooring throughout, with quality kitchens including a dishwasher and nice cabinets.
Price Per Unit: $95,555
Cap rate: 5.63%
Price per square foot: $100.73
This transaction was very unusual due to the tenant income restrictions and rent restrictions, as well as the underlying loan held by the Portland Housing Bureau. Originally built by the Peninsula CDC non-profit, they sold the property in 2011 to a private individual, who just sold the property currently.
Bernard Gehret represented the seller in the transaction, for more information about this transaction or the Oregon/SW Washington apartment market, call Bernard at 503.546.9390 or email: firstname.lastname@example.org