A local investor has paid $1.95 million for the 16-unit apartment property at 1407-1419 N. Going Street, in the emerging N. Interstate corridor. NAI Norris, Beggs & Simpson Vice President Robert Black represented both parties.
The 9,180 sf building is on about 40,000 sf of land, with the MAX Yellow Line and I-5 just a few blocks away.
“This is a unique property that has historic charm and appeal and strong occupancy, and will be a great investment in the long term,” Black said.
The Norm, a 12-unit apartment property built in 2012 in Portland’s Alphabet District, has sold to a local investor for $2.1 million. NAI Norris, Beggs & Simpson Vice President Robert Black represented the seller.
Interest in this property was strong due to its high rents, and it garnered multiple offers, Black said. The full-price sale correlates to a competitive $175,000 per unit.
“The Norm’s design, with smaller, more efficient units, is definitely consistent with what renters are seeking, and a very desirable property type for investors,” Black said.
The Norm was built in 2012, and features four studios and eight 1-bedroom, 1-bathroom townhouse-style lofts. The units have many attractive modern amenities, including built in Wifi, granite countertops and energy efficient features.
The property’s location, at 1414 NW 19th Avenue, was a big selling point. It is in the Slabtown neighborhood of the Alphabet District, so residents are close to many amenities on NW 23rd Avenue and the Pearl District, and the future New Seasons at Slabtown Marketplace just a few blocks away.
Apartment vacancy in downtown Portland, the submarket The Norm falls in, is just 1.94% overall, and 1.78% for new units, according to NAI NBS’ recently released Third Quarter reports.
The Prescott, the new apartment building at N. Interstate and N. Skidmore, is currently pre-leasing and set to welcome its first residents in December. With demand for apartments throughout Portland and especially in this area very strong, the building offers renters unique amenities in a prime location.
The building’s 155 apartments are studios and 1- and 2-bedrooms, and residents will have access to a parking garage with more than 100 spaces. 20% of the units are reserved as affordable housing, so renters who meet lower income requirements will qualify for more affordable rents. Apartments are air conditioned and feature washer/dryers, hardwood floors, and large windows with spectacular views of the city and sunsets. They also have the fastest Internet available in Portland, with speeds up to 100 Mbps.
The Prescott’s unique amenities include a dog washing station, pickle ball and bocce ball courts, an outdoor firepit and a workout room. Residents will also enjoy being directly across from a MAX Yellow Line station. The building owners intend to be long-term members of the community and have taken extraordinary care with the quality of the building.
We know that neighbors are eagerly awaiting news of the tenants that will fill the building’s ground-floor retail spaces. While these spaces are not yet leased, the building’s owners are seeking a mix of retailers that will enhance the community, and are especially interested in housing some local businesses.
The Prescott is managed by NBS Multifamily Management. Contact us at (503) 288-2200, or stop by our on-site leasing office, which currently has limited hours. Also stay tuned for news about a grand opening in January, when neighbors will be invited in to meet us and tour the finished building.
We thank you for the warm welcome we have received from our neighbors so far, particularly at the Movie in the Park night. We’re excited for The Prescott to welcome residents and retailers and join the amazing community in the Overlook Neighborhood.
NAI Norris, Beggs & Simpson has many amazing property managers on its team, and three of them just earned the well-respected Certified Property Manager (CPM) designation through the Institute of Real Estate Management. NAI Norris, Beggs & Simpson Senior Property Manager Becky Yarger , Property Manager Nutan Engels, and Property Manager Michele Schiffer have earned the Certified Property Manager (CPM) designation from the Institute of Real Estate Management (IREM).
CPM is one of the industry’s foremost real estate management designations, and the rigorous process to attaining it includes taking eight courses, including ethics, completing a management plan and passing a certification exam.
Yarger joined NAI NBS in 2006 and manages a diverse commercial portfolio. In her career to date, she has managed more than 1.25 million sf of office, retail and industrial properties. Yarger was promoted to Senior Property Manager in early 2013, and holds a degree in psychology from the University of Minnesota.
Engels joined NAI NBS in 2007 with considerable property management experience. Previously, she was a property manager with the Scurfield Company in Sacramento, where her portfolio included 21 commercial properties. She also has a background in accounting, and holds a BA from Northern Illinois University.
Schiffer joined NAI NBS in 2012 with more than 15 years in the commercial real estate field. During her career, she has managed and leased the Science and Technology Park at University of New Mexico, managed property for Grubb & Ellis, and served as a Sales Associate specializing in retail at NAI Maestas & Ward.
Earlier today the NAIOP Research Foundation posted a video of how commercial real estate development positively impacts the economy. It’s a nice visual wrap-up of information from the foundation’s report How Office, Industrial and Retail Development and Construction Contributed to the U.S. Economy in 2012.
Watch the video here.
Jim Bennetts has joined NAI Norris, Beggs & Simpson as a Real Estate Broker specializing in industrial leasing and sales throughout the Portland metro area.
Bennetts has a background in sales, and graduated from the University of Oregon with a degree in political science and a minor in business.
He is a licensed real estate broker in Oregon and a member of the Commercial Association of Brokers Oregon/SW Washington (CAB).
NAI Norris, Beggs & Simpson’s property management team, which manages nearly 10 million square feet around the Portland metro area, has welcomed two new team members, Jamie Kennon and Rhonda Scott.
Property Manager Jamie Kennon most recently worked as the Property Manager/Marketing Director at Oxnard Factory Outlet, a 32-store retail mall in Oxnard, California. She managed the project from prior to construction to completion, and was responsible for a wide variety of management and marketing responsibilities. She has also worked as a Property Manager for Trammell Crow Company in City of Commerce, California, where she managed a mixed-use portfolio totaling more than 2.5 million square feet. Kennon attended Arizona State University. More >
Custom online menswear retailer Indochino is opening a pop-up Traveling Tailor store in Portland for nearly two weeks in September.
Indochino describes itself as the world’s premier online custom menswear company, with customers taking their measurements in the comfort of their own homes, and a hand-tailored, stylish suit delivered to their homes within four weeks. The Traveling Tailor program, however, allows customers in select North American cities to be measured and styled in person.
The pop-up shop will be open in downtown Portland’s Blanchard Building, 922 SW Yamhill Street, Sept. 12-23. NAI Norris, Beggs & Simpson retail broker Geri Varvel represented Indochino in the 4,393 sf lease.
Valorie Cochran, a property manager with more than 20 years of experience in the Portland and Las Vegas markets, has joined NAI Norris, Beggs & Simpson as a Senior Property Manager.
Prior to joining NAI NBS, Cochran was a Regional Property Manager with Weingarten Realty in Las Vegas. Her portfolio included eight open-air retail properties totaling more than 1.6 million sf, with approximately 210 tenants. She also has experience in residential property management, and managed 2,300 units while a Regional Manager at Alliance Residential Companies of Portland.
Cochran earned a bachelor’s degree in real estate studies from Marylhurst University. She is a Certified Property Manager (CPM) through the Institute of Real Estate Management, and has been actively involved in the IREM Las Vegas chapter the past few years, including serving as its 2012 President.
Michael Hale has joined NAI Norris, Beggs & Simpson as a Real Estate Broker specializing in industrial leasing and sales throughout the Portland metro area.
Hale was most recently a Strategic Wine and Spirits Chain Representative for Gallo Wine Company in Los Angeles. He launched and marketed liquor and wine brands, with primary duties including strategic merchandising, product placement in grocery and drug stores, and building and maintaining client relationships with store directors. During three years with the company, he was repeatedly recognized for high sales levels.
Hale holds a bachelor’s degree in speech communication from the University of Nevada – Reno, where he also played baseball.