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A national private equity firm has acquired an apartment complex in the Lloyd District for $48.63 million.

CBRE announced today that Chicago-based Waterton Associates LLC has purchased the Axcess 15 Apartments, located at 1500 N.E. 15^th Ave., from Holland Partners Group. Nick Santangelo, CBRE vice president, helped finance and the deal along with Jim Rice, CBRE’s executive vice president.

Santangelo said not many transactions of this size come through the Portland market each year, but that this deal reflects a growing interest he’s seeing from large, institutional investors.

鈥淎fter going through this process with (Waterton) I know that they’re looking for more out here,鈥� he said. 鈥淕enerally speaking, most institutional type investors like the stability of the Northwest, especially Portland and the prospects for future job growth out here. I think you just start bringing some of those factors together and it makes the Portland-Seattle market desirable.鈥�

Santangelo said the 202-unit mid-rise Axcess 15 was built in 1990 and was later purchased by Holland Partners Group. Holland invested several thousand dollars per unit on interior and exterior upgrades, which he said, yielded great results in terms of leasing and rent increases.

According to Waterton’s website, units in the building range in size from 651 to 858 square feet and cost between $1,070 and $1,485 per month. Santangelo said Waterton’s purchase is a value-add play in that the company plans to continue with Holland’s strategy to add value to the property via upgrades.

Axcess 15 sits on 1.88 acres, and the 171,830-square-foot building features three courtyards, a fitness center, lounge, controlled access and a parking garage. Waterton has satellite offices in Dallas and Atlanta and manages more than 40,000 apartment units worth $3.3 billion.