Leading multifamily Lane County expert, René Nelson, weighed in on the market influences that have resulted in Eugene’s apartment housing boom in a recent Eugene Register Guard article. The $104 million sale of the Capstone student apartment complex in Eugene led the way to record-setting Lane County commercial real estate sales in 2016.
Multi-family sales were reported as totaling more than $330 million, often involving regional firms selling to out-of-state firms. The bulk of the complexes sold were higher-end properties built in 2010 or later, targeted at older renters.
“Investors see a safe bet in these newer buildings,” said René Nelson, principal broker with Eugene-based Pacwest Commercial Real Estate, Inc., “and they’re emboldened by the Eugene market, with a relatively steady employment base anchored by the University of Oregon, a growing population and lower prices than Portland or Seattle.”
“They’re looking at the Eugene market and they see our job growth, our stability of employers and our overall tenant pool,” Nelson said. “And from a tenant aspect, a lot of people want to move here.”
“A lot of (Eugene) developers owning property, they’re wanting to take that profit and go into other markets, like New York and L.A.,” Nelson said.
Local developers looking to sell will combine with a new pool of out-state investors to set the tone for continued commercial real estate success in 2017—making this a great time to invest or sell. René Nelson, multifamily Lane County expert, can help you reach your investment goals. Call René at 541-912-6583 for more expert information regarding Lane County multifamily investment opportunities, or visit eugene-commercial.com.