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Institutional Property Advisors Negotiates $80.75 Million Apartment Complex Sale in Portland, Oregon
January 27, 2021 GMT
PORTLAND, Ore. (BUSINESS WIRE) Jan 26, 2021
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Sunset Summit, a 261-unit multifamily property in the West Hills neighborhood of Portland, Oregon. The property sold for $80.75 million, which equates to $309,387 per unit.
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“The sale represents the first time the property has traded hands in over 25 years. Sunset Summit is a unique asset, featuring low-density construction with views of the Tualatin Valley from most units,” said Anthony Palladino, IPA vice president. Palladino and IPA’s Giovanni Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske represented the seller, BPM Real Estate Group. The buyer is Prime Residential.