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An apartment complex in Gresham has sold for $38.5 million.

The buyer was an affiliate of Abacus Capital Group, a New York-based real estate investment firm. The seller was NBP Capital, a developer and real estate investment company based in Portland and Los Angeles.

The Groves has 201 housing units in one-, two- and three-bedroom floor plans. The sale equates to $191,542 per unit.

For Abacus, it was the second Portland-area property purchase. Abacus also owns Alden Apartment Homes in Tualatin.

JLL Capital Markets represented the seller.

鈥淭his is another example of ample investor appetite for well-located, suburban assets with a value-add component,鈥� Senior Managing Director Ira Virden stated in a news release. 鈥淭he Groves is an asset with tremendous growth potential, in large part due to the immediate market’s apartment fundamentals, which exhibited over 3 percent rent growth during COVID-19, in a submarket with very little new supply and direct access to growing employment drivers.鈥�

In addition to Virden, Senior Director Carrie Kahn and Associate Frank Solorzano were members of the JLL Capital Markets team that represented the seller.

The Groves, at 3500 N.E. 17th St., offers amenities including a swimming pool, a fitness center and a playground.