Bend Multifamily Hits New Per-Unit High In Recent Sale
Sienna Pointe Apartments recently went for $23.75M or $141,369/unit, a new high for per-unit sale value in Bend. The 168-unit complex, built in the early ‘90s, sold to an unnamed investor out of New Orleans. Sienna Pointe sits on 10 acres adjacent to Bend’s Pilot Butte Neighborhood Park. HFO Investment Real Estate repped seller Oregon Pacific, the Portland Business Journal reports. Multifamily is hot in the Portland area right now.
“Bend is the largest city in central Oregon and is also in Oregon’s fastest-growing county,” HFO partner Rob Marton says. “Bend is expected to more than double its population in the next 50 years, but the city has not changed its urban growth boundary since 1981, leaving very little land for development. It’s not a market that would usually generate a lot of interest with institutional investors, but the extreme market conditions grabbed a lot of investor interest.” [PBJ]