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Arbor Heights, a 348-unit apartment complex in southwest Tigard, has sold for $54.1 million, according to a news release.

ARA Real Estate Investment Services announced Monday that the 14-building complex at 15199 S.W. Royalty Parkway was purchased by Los Angeles-based CBRE Global Investors. The seller was Capri Capital Partners LLC, a Chicago-based real estate investment firm that owned the asset on behalf of one of its institutional clients.

The $54.1 million price breaks down to $155,460 per unit or $190 per square foot. Arbor Heights was built in 1997 and was 95 percent occupied at the time of the sale.

Arbor Heights has one-, two- and three-bedroom units, according to Community Manager Gosia Holcomb. Each apartment is from 661 to 1,107 square feet. Monthly rents range from $915 to $1,680.

Gail Neuburg, a Portland-based principal with ARA, brokered the sale. She said the demand for suburban Portland investment opportunities has been 鈥渦nprecedented鈥� in 2014, and she doesn’t see that changing soon.

Institutional transactions in the Portland-metro area have increased steadily over the past couple of years as investors aggressively seek opportunities in the strong market, according to Greg Frick of HFO Investment Real Estate.