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A Los Angeles-based investment partnership has purchased a 225-unit Gresham apartment complex for $37.25 million.

The sale of Parkside Apartment Homes equated to $165,555 per unit, and nearly $183 per square foot. The buyer was BEF Holdings of Los Angeles. The seller was New-York-based KKR.

BEF Holdings is based in California but has been active in Oregon for two decades, said Tyler Johnson, a partner at HFO Investment Real Estate who, along with Cody Hagerman, represented the seller. Portland-based HFO marketed the property nationally.

The market is seeing an uptick in large multifamily transactions, Johnson said. Some institutional investors have owned their properties for an adequate period, and are looking to cash out.

鈥淚t’s better to be early than late,鈥� he said.

Several high-dollar multifamily transactions are pending, Johnson said. Rents are up, and many investors believe interest rates may rise.

Gresham is a ripe market, with vacancies at 1 percent, according to REIS, a national apartment research firm. REIS forecasts 8 percent rent growth in east Gresham.

Parkside Apartment Homes was built in 1999 on 8.5 acres near Gradin Community Sports Park.