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A 64-unit apartment complex in Gresham has sold for $19.5 million, pointing to strong market fundamentals for suburban multifamily properties.

The seller, Trion Properties, touted the March sale of Edison Apartments, which the investment firm originally acquired for $12 million in October 2020, when the property was newly built.

鈥淲e ultimately leveraged the strength of the property, the location and the increasing demand for suburban life to lease up the asset and generate a significant return within just 18 months,鈥� Trion Properties Managing Partner Max Sharkansky stated in a news release.

Trion Properties is based in West Hollywood, California, and Miami.

The buyer was RM Edison, a limited liability company. The entity is connected to RealtyMogul, a Los Angeles-based investment platform.

The sale equates to $304,688 per unit. RealtyMogul on its website stated it is targeting a 13.2 percent return on Edison Apartments in a 10-year investment period.

Edison Apartments, at 1833 S.E. Sixth St., was completed in 2020. It features mostly two-bedroom, two-bathroom units.

Gresham has a tight rental market amid strong job growth, according to Sharkansky.

鈥淲ith the ongoing boom of industrial asset classes, Gresham is well positioned to continue to benefit from economic expansion tied to the rise of the e-commerce industry,鈥� he stated. 鈥淭he continued expansion has led to an increased need for quality housing to support the growing population of employees. Despite the increasing population, new construction has been limited as developers have focused on Portland’s core during the economic expansion. The result has been a submarket with some of the tightest vacancy rates and fastest rising rents in the state.鈥�

Jordan Carter, Tyler Linn and Clay Newton of Kidder Mathews represented Trion Properties in the transaction.