Midland Apartments LLC Acquires 94-Unit Multifamily In Portland For $12M
2016 Southeast 122nd Avenue
$12,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jan 11, 2023
AI
A multifamily property located at 2016 SE 122nd Ave in Portland, OR has been sold for $12,000,000. The property consists of 94 units, resulting in a price per unit of $123,711. The transaction took place on January 11, 2023, with Midland Apartments LLC purchasing the property from El Moro LLC.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $12,000,000
- Address: 2016 SE 122nd Ave, Portland, OR
- Market: Portland, OR
- Buyer: Midland Apartments LLC
- Seller: El Moro LLC
- Brokers: David Chatfield & Timothy Mitchell - Norris & Stevens
- Units: 94
- Price Per Unit: $123,711
David Chatfield and Timothy Mitchell from Norris & Stevens represented the buyer and seller in this transaction.
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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93