Portland apartment complex sells for $25.5M

By: Chuck Slothower//January 9, 2018//

Portland apartment complex sells for $25.5M

Chuck Slothower//January 9, 2018//

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Kehoe Northwest Properties has sold the Tess O聮Brien Apartments in Northwest Portland to a San Diego-based investment firm. (Sam Tenney/91视频)

A local developer has sold a Northwest Portland apartment complex to a San Diego investment firm for $25.5 million.

The 123-unit Tess O’Brien Apartments at 1953 N.W. Overton St. were sold to SENTRE by Kehoe Northwest Properties.

The purchase is SENTRE’s first in Portland, said CBRE broker Graham Taylor, who represented the seller.

The sale equates to $631 per square foot. Effective rents at the property exceeded $3.50 per square foot, according to CBRE. The all-studio development brought a price of $207,000 per unit.

Developer Marty Kehoe, who named the project after his youngest daughter, completed the six-story pair of buildings in December 2016. The buyer plans to improve unit interiors and common-area spaces, according to CBRE.

In November, Kehoe agreed to purchase the Wapato jail facility from Multnomah County. Kehoe said at the time a client was interested in using the property for distribution of medical devices.

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