Rent Stability Further Solidifies Investor Appetite for Resilient Portland Market
Multifamily rents in the Portland metro have remained stable throughout the pandemic, in comparison to other West Coast markets, according to Marcus & Millichap. This stability further solidifies investor appetite for this resilient market, according to Robert Johnston, senior managing director of Levin Johnston.
A recent example of this increased demand is a two-property portfolio disposition, culminating with the sale of Provi Apartments in the prime Laurelhurst neighborhood of Portland.
“This sale represents a trend of California capital seeking and finding strong yields in more up-and-coming markets like Portland,” says Adam Levin, executive managing director of Levin Johnston. “Total employment rates in the Portland metro area are expected to rise by 6.7 percent by the end of 2021, bouncing back from a decrease in 2020. Drawing on this rapid regional growth and the property’s irreplaceable location in one of the most sought-after neighborhoods in Portland, our team was successful in securing premium pricing for this well-appointed asset.”
The other property in the portfolio is in Northern California.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.