SOLD: The Hall Street Apartments, a 26 unit complex located in Beaverton, Oregon sold for $4,300,000.
From the property flyer:
The Hall Street Court Apartments is located in central Beaverton, nearby to many amenities within the growing downtown Beaverton sub-market. The community is comprised of 26 units, with (24) 1BR floor plans, and (2) large 2BR floor plans. The property has experienced strong demand from tenants over the years, with historically low vacancy, and typically a waitlist in place. The property is well positioned nearby to many new commercial & residential developments in downtown Beaverton and is located along the Allen Blvd. District Plan – which is set to vastly improve the surrounding area in the coming years. Rare value add opportunity in the growing Beaverton sub-market.
Price per unit: $165,385
Price per square foot: $247.58
Estimated cap rate (current rents): 5.04%
Estimated cap rate on market rents: 5.75%-6%
Phillip Barry from Joseph Bernard Investment Real Estate represented the seller, and Bernard Gehret of Joseph Bernard Investment Real Estate represented the buyer. For more information, call Phillip or Bernard at 503.546.9390.