Yellow Submarine, LLC recently completed the $8,630,000 sale of The Garthwick, an approximately 30,507 square foot, 24-unit apartment building located at 8705 SE 13th Avenue in Portland, Oregon. The property was sold at a capitalization rate of 4.80% and set a new Portland metro record for the highest price per unit for a true apartment property (without a mixed-use component) sale at $359,583 per unit.
The Garthwick is a luxury multi-family apartment building located in the desirable Sellwood-Moreland neighborhood in southeast Portland. Built in 2018, The Garthwick features a unit mix of one and two-bedroom apartments as well as two and three-bedroom townhouse-style units. The building’s ownership included Mark Gossage of MacLeod Construction, who also served as the project’s developer. Mark is quoted as saying, “quality follows you, mediocrity will haunt you”, a sentiment that reflects his dedication to an elevated standard of design and construction that garnered such a high price.
Cameron Mercer and David C. Chatfield with Portland-based Norris & Stevens, Inc. exclusively represented the seller, Yellow Submarine, LLC, and Tyler Linn, Clay Newton and Jordan Carter of Kidder Mathews represented the Buyer, Garthwick – SPE 1, LLC and Garthwick – SPE 2, LLC, in the transaction.
Norris & Stevens, Inc. is one of the largest locally-owned, full-service commercial real estate brokerage firms in Oregon and SW Washington. A member of the TCN Worldwide network, the firm was founded in 1966 and currently employs around 75 professionals in investment sales, leasing and property management for office, industrial, retail, land, and multi-family properties. The firm’s property management portfolio exceeds 6 million square feet of commercial space and 8,400 apartment units.