Central Eastside apartments sell for $18.9 million

By: Shelby King//February 3, 2015//

Central Eastside apartments sell for $18.9 million

Shelby King//February 3, 2015//

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A five-story, mixed-use building in the Central Eastside Industrial District has sold to an out-of-state investor.

The Central Eastside Loft Apartments, at 111 N.E. Sixth Ave. near the Burnside bridgehead, sold for $18.9 million, according to a news release from HFO Investment Real Estate.

The property, developed in 2012 by Fowler Andrews LLC, includes 11 retail spaces and 70 apartments 鈥� studios, one-bedroom units and two-bedroom units.

The builder used a 鈥渟ubstantial amount鈥� of materials repurposed from the demolition of a building previously located at the site, according to the news release. It described the apartment building as having 鈥淧ortlandia-style amenities like a high-end doggie wash and grooming room along with a unique, high-end, full-service bike repair and cleaning station.鈥�

Portland-based Andrews Management was the seller. An unnamed private investor purchased the property as part of a 1031 exchange to defer the recognition of capital gains.

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