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A local developer has closed on a Southeast Portland property and plans to build two multifamily buildings with 204 apartments.

Seneca Development Co. snatched up the property at 2440 S.E. Cesar Chavez Blvd. for $3.5 million, or $75 per square foot. The developer plans to build 127 residential units with ground-floor retail on the former Rite Aid site. Another 77 units are planned to be built along Southeast Caruthers Street.

鈥淲e’re excited about the opportunity this project brings to the neighborhood,鈥� Seneca Development partner Michael Hamilton said in an email.

The project, estimated to cost $50 million, is being designed by Josef West of West Architects in Beaverton. Construction is expected to begin in spring 2026.

Seneca was represented in the transaction by Sean Milligan and Matt Dodd of CBRE, and the seller, a limited liability company linked to Tim Small of Portland, was represented by Vinny Small of VCS Realty.

Seneca was founded in 2020 by industry veterans Hamilton, Bryant Jaksic and Andy Schreck. The group previously developed The Robert Apartments, a 55-unit building in Albina.