Portland, Oregon (August 30, 2019) — IMG Northwest today announced the sale of Westview Villa apartments located in Milwaukie, a growing suburb of Portland, Oregon.
Westview Villa is a 31-unit apartment community comprised of two- and three-bedroom townhome units. The property sits directly off of the Highway 99E Business Corridor featuring over 300 shops, services and restaurants.
The Portland-Milwaukie corridor continues to experience significant growth since the 2015 addition of the Tilikum Crossing Bridge and TriMet’s MAX Orange Line. This latest light rail extension, employed with industry-leading sustainable design, offers traffic-free commutes to Portland State University and Portland City Center.
The property was fully leased at the time of sale.
IMG Northwest brought expertise in achieving peak pricing by soliciting multiple offers, and the execution of a smooth transaction from due diligence to closing.
Lindsey Zehel exclusively represented the seller, a partnership that self-managed the property over the past 20 years. The sellers’ objective was to facilitate a 1031 exchange into a passive real estate investment. Lindsey successfully guided the sellers in acquiring tenancy in common ownership in a 244-unit apartment community located in Raleigh, NC, sponsored by Investors Management Group.
3552 SE Westview Ave, Milwaukie, OR 97267
Year Built: 1971 & 2014
Sale Price: $5,195,000
Per Unit: $167,580
ATTRACTIVE UNIT MIX
Recent new construction in the Portland metro has delivered an increasing number of smaller studio and one-bedroom product creating a stronger demand for large, two-level townhomes. Westview Villa’s unit mix consists of 31 two- and three-bedroom townhomes averaging an impressive 1,093 sq. ft per unit. All townhomes include fireplaces, a full-sized washer/dryer, and private deck/patio comprising an attractive amenity set.
“TOP TEN” LOCATION
The property attracted a great deal of interest on the market due to its excellent location within Portland Metro.
U.S. News & World 2019 report ranked Portland, Oregon among the top places to live in the nation based on its healthy job market (ease of finding employment and earning potential) and desirable quality of life. Another 2019 U.S. News survey placed Portland among the country’s best places to retire.
“Its direct line to Portland makes [Milwaukie] one of the most popular up-and-coming neighborhoods in Oregon”. – Apartments.com
PROJECTED POPULATION GROWTH
A 7.2% population increase within 1-mile of the property is projected through 2024 (CoStar). The city of Portland, consistently ranked as one of the nation’s “#1 moving destinations”, forecasts a population growth of 725,000 people by 2035.