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Berkshire Group, a Boston investment company, has purchased the Lower Burnside Lofts apartment building for $18.5 million, ARA Newmark announced Tuesday.

The owner was developer Urban Asset Advisors, which completed the six-story, 63-unit project in June 2015. It was designed by Vallaster Corl Architects, built by Bremik Construction and financed by Banner Bank.

The sale price equates to $521 per square foot. The sale was brokered by ARA Newmark’s Portland office.

Lower Burnside Lofts, at 60 S.E. 10th Ave., is in a Southeast Portland area that is attracting redevelopment. Restaurants such as Le Pigeon, Noble Rot and Burnside Brewing have added amenities to the area.

Lower Burnside Lofts was fully leased by August, according to ARA Newmark.

Only a block away, at 1111 S.E. Sandy Blvd., Urban Development Group of Beaverton is moving forward with Burnside Delta. It’s expected to have 85 residential units and 2,500 square feet of ground-floor retail space.

鈥淭he most appealing thing to the lower Burnside neighborhood is it’s sort of at that doorstep to downtown,鈥� said Robert Black, managing director of ARA Newmark’s Portland office. 鈥淚t’s got great access, either by car or by bike.鈥�

Newer neighborhood tenants are mixing with long-established manufacturing businesses.

Lower Burnside is 鈥渉aving a real sort of resurgence, especially in the creative office world,鈥� Black said. 鈥淚t’s got a lot of the factors that these millennials 鈥� young, well-educated creatives 鈥� are looking for.鈥�

The multifamily market continues to see steady development, with about 5,000 units expected to go online this year in the Portland area, and a similar number in 2017, Black said.

鈥淚 see this continuing,鈥� he said.

With rents rising in the suburbs, more projects are being planned in submarkets such as Washington County, along with steady multifamily-unit deliveries in Portland’s urban core, Black said.