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A California investment firm has purchased The Russell, a contemporary 68-unit apartment building in Northeast Portland’s Eliot neighborhood, for $19.7 million.

Trion Properties, based in West Hollywood, California, acquired the 86,600-square-foot property, which was completed in 2017. The seller was Russell Street Sustainable Housing, a limited liability company that is tied to Chris Looney and Dan Neal, both developers with Eugene’s Paradigm Properties.

The purchase was the first for Trion’s latest Multifamily Opportunity Fund. Trion now owns 10 multifamily properties in the Portland metro area.

鈥淎s recent zoning changes take place in Portland, there has been a lack of supply and increased demand for quality apartment communities, positioning the property as a standout in the region,鈥� Max Sharkansky, managing partner at Trion Properties, stated in a news release. 鈥淲hile our typical strategy is to acquire multifamily product of older vintages and implement light-to-moderate value-add renovations, we identified The Russell as a rare opportunity to add this extremely well-located and modernized asset that was built in 2017 to our portfolio.鈥�

The project is located at 2621 N.E. Seventh Ave., one block east of the Northeast Martin Luther King Jr. Boulevard corridor. Trion was attracted by The Russell’s proximity to restaurants, retail and emerging creative offices, said Farhan Mahmood, managing director of acquisitions at Trion Properties.

Last year, Oregon ranked as the third most frequent destination for movers, behind only Idaho and South Carolina, according to United Van Lines.

Rob Marton and Tyler Johnson at HFO lnvestment Real Estate represented Trion in the transaction. Continental Partners arranged the financing through Andrew Kwok at Capital One.