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Developer Walt Bowen has unloaded a long-held multifamily property in Portland’s West Hills for $80.75 million.

Prime Residential snapped up the 261-unit Sunset Summit Apartments. The sale equates to $309,387 per unit. BPM Real Estate Group was the seller.

鈥淭he sale represents the first time the property has traded hands in over 25 years,鈥� Anthony Palladino, vice president of Institutional Property Advisors, a division of Marcus & Millichap, stated in a news release. 鈥淪unset Summit is a unique asset, featuring low-density construction with views of the Tualatin Valley from most units.鈥�

Palladino and IPA’s Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske represented the seller. BPM is also the developer of the 35-story Block 216 Ritz-Carlton project in downtown Portland, among other real estate ventures.

Sunset Summit, at 7400 S.W. Barnes Road, was built in 1989 on聽31 acres and renovated in 2014, IPA stated in a news release. The complex is located close to Sunset Corridor employers Nike and Intel, and within a short drive from downtown Portland.

Prime Residential, based in Los Angeles, holds three other multifamily properties in the Portland area: Rock Creek 185, The Frank Estate and Wimbledon Square.