Portland’s residential market posted one of its strongest months in years in August. Not surprising, the residential rebound is driving a revival in a related market: Small apartment complexes.
Tyler King, a broker with Carmel Siler Realty, specializes in an exceedingly narrow section of the commercial real estate market — the two- to four-unit apartment complexes, aka “plexes.” Plexes are a critical piece of the multifamily market, providing not only housing, but opportunities for first-time investors. Joe Weston, principal with Weston Investment Co. and one of the region’s most successful investors, famously began investing with a duplex.
The plex market is on the rebound, King reports after researching trends for the past 10 years.
The market rose — and fell — with the single family market. The average price for a plex peaked in 2007 at $152,515 per unit or $384,720 per transaction. Volume peaked in 2005 at 650 units transacted.