The Mitchell Court Apartments — at 5224 SE 72nd Ave. — were purchased in 2008 for $3.25 million and sold recently for $5.3 million.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Another apartment complex has sold at a big profit, offering another example of a hot Portland housing market.
The Mitchell Court Apartments — at 5224 SE 72nd Ave. — were purchased in 2008 for $3.25 million and sold recently for $5.3 million.
“We were able to initiate a lot of interest for this property both locally and nationally,” Whipps said in release. “A number of offers were fielded and the seller chose the one that best suited their needs.”
(SOURCE: Portland Business Journal)
The building was built in 1972 in the Mt. Scott-Arleta neighborhood. It offers 56 one-bedroom (about 515 square feet) units, and 12 two-bedroom (one bathroom at about 832 square feet) units.
“This was an interesting deal,” Worl said. “We had to do a lot of leg work to display the positive rent growth potential in this area. Not only rent surveys but demographic studies, getting a good understanding of public and private development in the community and walking the market to talk to neighbors. Many native Portlanders have an aversion to Foster and 72nd Avenue, so it was very important that we were able to support our assumptions.”
Responding to a dearth of affordable housing options, the Portland city council will consider a proposal for extra density within the city limits.
The proposal would allow developers to build bigger buildings in exchange for rent-restricted units.
“This an important tool to encourage the private market to be part of the solution to our affordable housing crisis,” Commissioner Dan Saltzman said in a statement.
Under the concept, developers seeking more density would need to add on-site units affordable to families earning up to 80 percent of the region’s median, or $58,800 for a family of four. Developers also could buy extra density from the city and officials would spend the money on units elsewhere, serving families earning up to 60 percent of the regional median income. Housing officials say the city’s existing density bonus system is too broad. Developers can currently secure extra density by satisfying conditions among 18 options, such as building an eco-roof or installing bike lockers.
(SOURCE: OregonLive.com)
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