IMG Northwest brokers sale of $3.5M multifamily investment property in North Portland’s St. Johns neighborhood
Portland, Oregon (September 16, 2019) — IMG Northwest announced the sale of Peregrine Place, a 2019-constructed asset located in North Portland’s St. Johns neighborhood.
Peregrine Place is comprised of two buildings totaling 14 one, two and three-bedroom townhomes. The property is a short distance to the over 70 unique neighborhood restaurants, bars, local shops and entertainment options. It boasts a 92 BikeScore (“Biker’s Paradise”).
Peregrine Place achieved 100% occupancy in 60 days with no concessions reflecting the demand for luxury units in this submarket. Portland ranked in the Top 10 U.S. News Best Places to Live in the USA 2019 report out of 125 metros, a strong driver for tenants in the “renter by choice” category (vs. necessity).
Major drivers of rental demand in the St. Johns/North Portland submarket include the University of Portland (4,200+ students), Adidas North American Headquarters (adding 1,000 employees by 2020) and Rivergate Industrial District (International Port). The new owner is poised to prosper as forecasted submarket metrics include continued population growth and employment gains.
IMG Northwest achieved peak pricing and a smooth, timely transaction by soliciting multiple offers. Lindsey Zehel exclusively represented the seller, a local developer well-known for its luxury single-family and multifamily construction.
- Units: 14
- Year Built: 2019
- County: Multnomah
- Sale Price: $3,500,000
- Per Unit: $250,000
Vibrant North Portland Neighborhood
Portland’s St. Johns district is full of award-winning boutiques, cafes and nightlife options. Peregrine Place is positioned within a few blocks of St. Johns’ best attractions including the Saturday Farmers Market, St. Johns Ale Trail, charming storefronts and the iconic St. Johns Bridge/Cathedral Park. There are over 70 local restaurants, bars and coffee shops in very close proximity to Peregrine.
Boasting a 92 BikeScore (“Biker’s Paradise”), Peregrine Place is equipped with secure, interior bike storage inside every home. Town home floor plans optimize space (ideal for roommate sharing). Quartz countertops, stainless steel appliances, new cabinet sets, and modern recessed lighting fill a need for renters seeking luxury amenities in the historic St. Johns neighborhood.
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