Apartment Report BreakfastOctober 15, 2014

Greg Frick, Partner HFO Investment Real Estate

When will the party end?

Portland’s Strong Fundamentals

• Continued in-migration

• Low vacancy rates

• Strong Rent growth

• Job creation

Possible Party Fouls

• Interest rate and Cap rate increase

• Impact of new construction

• Wage stagnation

Look Ahead

• Institutional transactions: steady

• Non-institutional transactions: increasing

• Valuations increase due to NOI Increases

For now

All Apartments. All the Time.