52-unit apartment complex sells for $10.65 million

By: Chuck Slothower//March 22, 2017//

52-unit apartment complex sells for $10.65 million

Chuck Slothower//March 22, 2017//

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A West Hills apartment complex has sold for $10.65 million.

Collective Portland, at 2073 S.W. Park Ave., sold for $204,808 per unit. The 52-unit property was built in 1945.

The apartment complex has three two-story brick buildings in a garden courtyard configuration on 1.6 acres. The buildings total 34,948 square feet.

The apartments were 95 percent occupied at the time of sale, according to Kidder Mathews, which brokered the transaction. Kidder Mathews brokers Tyler Linn, Clay Newton and Jordan Carter represented both the seller and the buyer.

Collective Portland is in close proximity to Portland State University, Oregon Health & Science University and downtown.

Real Development Corporation was the seller. The buyer was The Collective PDX LLC, which is associated with Portland developer Eric Cress, Charles Isen of Novato, California, and Harold Isen of Ashland.

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