Institutional Property Advisors Negotiates $80.75 Million Apartment Complex Sale in Portland, Oregon

Rhea-AI Summary

Marcus & Millichap (NYSE: MMI) reports the successful sale of Sunset Summit, a 261-unit multifamily property in Portland, Oregon, for $80.75 million, or $309,387 per unit. This transaction marks the first change of ownership in over 25 years. The property, built in 1989 and renovated in 2014, offers scenic views and is located a short drive from Downtown Portland. Anthony Palladino and a team from Institutional Property Advisors facilitated the sale, representing the seller, BPM Real Estate Group, while Prime Residential acquired the property.

Positive

• Sale of Sunset Summit indicates strong demand for multifamily properties.
• Transaction value of $80.75 million positively reflects market conditions.

Negative

• The property had not traded hands in over 25 years, potentially indicating a stagnant market prior to this sale.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Sunset Summit, a 261-unit multifamily property in the West Hills neighborhood of Portland, Oregon. The property sold for $80.75 million, which equates to $309,387 per unit.

“The sale represents the first time the property has traded hands in over 25 years. Sunset Summit is a unique asset, featuring low-density construction with views of the Tualatin Valley from most units,” said Anthony Palladino, IPA vice president. Palladino and IPA’s Giovanni Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske represented the seller, BPM Real Estate Group. The buyer is Prime Residential.

Built in 1989 on 31 acres and renovated in 2014, Sunset Summit is approximately a seven-minute drive from Downtown Portland, allowing for a convenient commute into the city via Burnside Road and access to Nike and Intel via U.S. Highway 26 or the Sunset Transit Center. Adam Lewis is Marcus & Millichap’s broker of record in Oregon.

About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.

About Marcus & Millichap, Inc.

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. For additional information, please visit www.MarcusMillichap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210126006136/en/

FAQ

What is the recent sale price of Sunset Summit by Marcus & Millichap?

The recent sale price of Sunset Summit was $80.75 million.

How many units does Sunset Summit have?

Sunset Summit has 261 units.

What is the significance of the Sunset Summit sale for Marcus & Millichap (NYSE: MMI)?

The sale represents strong market activity and demand for multifamily properties in the area.

When was Sunset Summit built and renovated?

Sunset Summit was built in 1989 and renovated in 2014.

Who facilitated the sale of Sunset Summit?

The sale was facilitated by Anthony Palladino and his team from Institutional Property Advisors.