SOLD! Earlier this summer, the Parke Place Apartments located on the corner of NE Alberta and NE Cleveland Avenue sold for $2,900,000. The vintage apartments were well maintained with a lovely vintage feel with hardwood floors, bay windows, and unique interior layouts. The property was upgraded over the course of the previous ten years and has great street appeal.
LOCATION AND PROPERTY INFORMATION:
There are very few apartments that come up for sale in the Alberta Arts District, and this listing proved to be very popular with multiple offers and strong buyer interest. The tenancy of the property was very strong, with an approximate occupancy of 98% for the previous few years. The strong occupancy is no surprise due to the location and strong ownership. There was very little deferred maintenance on the property, and it was a rare listing where the property being sold had strong operations, tenant base and great street appeal.
Price Per Unit: $181,250
Price Per Square Foot: $219.89
Estimated Cap Rate (actual): 5.49%
Estimated Cap Rate (pro forma): 5.98%
The property was well maintained, had hardwood flooring, vintage kitchens and cabinetry, washers and dryers in the basement, and five off-street parking spots. Also, the property has great landscaping, with beautiful flowers in bloom throughout the spring and summer.
Bernard Gehret of Joseph Bernard Investment Real Estate represented the sellers, and Chuck Brazer of Equity Pacific Real Estate LLC represented the buyer. For more information about this transaction or for more apartment listings in Oregon and SW Washington, call Bernard Gehret at 503-546-9390. For more information on apartment listings click on Joseph Bernard Investment Real Estate here.