Updated May 12, 2025
Spencer Palmer Of Montgomery Partners Acquires 53-Unit Garden-Style Apartment Complex In Tigard For $9M
10650 Southwest 121st Avenue
$9,000,000
Units
53
Asset Type
MultiFamily
Closing
Apr 29, 2025
About this deal
AI
The property involved in the transaction is a 53-unit garden-style apartment complex located at 10650 Southwest 121st Avenue in Tigard, Oregon. The asset spans 4.56 acres and is classified as MultiFamily. The transaction was completed on April 29, 2025, with a sale price of $9,000,000, translating to a price per unit of $169,811.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $9,000,000
- Units: 53
- Price Per Unit: $169,811
- Address: 10650 Southwest 121st Avenue
- Market: Tigard, OR
- Acres: 4.56
- Buyer: Spencer Palmer - Montgomery Partners
Montgomery Partners has recently entered the Pacific Northwest market with this acquisition, targeting a value-add renovation strategy for 45 units and shared amenities. This approach is intended to capitalize on strong local housing demand.
Players
Portland MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93