Portland, Ore. (February 1, 2017) - Kidder Mathews has announced the sale of the Corbett Heights apartments in Portland, Oregon for $15 million. A private investment group based in Santa Clara, California purchased the asset from the Newman Development Group, headquartered in New York.
The Kidder Mathews multifamily commercial real estate brokers, Jordan Carter, Clay Newton, and Tyler Linn, brokered the transaction out of the firm's Portland office.
"Corbett Heights provides high-end housing in a sub-market that has traditionally had low supply and a lot of demand," said Tyler Linn, Vice President. "The property blends well in the historic Lair Hill neighborhood, and its close proximity to downtown Portland and some of the area's largest employers will be a huge draw for years to come. It illustrates the confidence that out of state buyers continue to have in the long-term prospects of this market," he said.
Built in 2016, Corbett Heights is certified Earth Advantage Gold and consists of 48 units throughout six stories. Hoffman Construction built the property and it is currently managed by Pinnacle, who will continue to provide management for the new owner. The building was 98% occupied at the time of sale.
Located at 3916 SW Corbett Avenue, Corbett Heights is situated in the heart of SW Portland, close to South Waterfront, OHSU's campuses, and is minutes from downtown Portland. It was designed with high-end modern finishes and amenities throughout its studio, one-bedroom, and two bedroom units. Each unit offers sweeping panoramic views of the city skyline, Mt. Hood, and the Willamette River.
The sale achieved a price per-unit of $312,500 and $399 per-square foot.
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 600 real estate professionals and staff in 19 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $4.7 billion in transactions, manages 42 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.