REO Sale - 11 Marché Apartments | Portland MSA

Brokered by SVN Imbrie Realty, LLC and powered by RealINSIGHT Marketplace, 11 Marché at 1115 SW Market Street is a 62-unit, 2016-built multifamily asset at the seam of Downtown Portland and Goose Hollow, immediately adjacent to Portland State University. The six-story steel-and-concrete building spans studio, one-, and two-bedroom units with a rooftop deck, secured parking, luxurious lobby, resident storage, dog washing station, artistic influence, and in-unit laundry. The property is more than 95% leased, but in-place rents trail achievable market across nearly every floorplan, leaving a significant amount of unrealized income to be captured simply by marking leases as they roll. That upside arrives just as Portland's development pipeline collapses: downtown saw zero new unit deliveries over the trailing twelve months and has none under construction, setting up a supply-constrained recovery as submarket vacancy compresses off its pandemic peak. The current basis is well below where it stood in 2021, with submarket values down roughly 27% from that peak, vacancy trending downward and normalizing, while benefitting from Oregon's Measure 50, which caps future assessed-value growth at about 3% annually and does not reset on sale. For a buyer seeking new-vintage product with embedded rent growth ahead of a tightening downtown market, 11 Marché offers a compelling entry point.