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A 63-unit Portland apartment building has sold for $14 million 鈥� a discount from its only prior transaction.

NSW Corp., an asset manager with operations in California and Oregon, purchased the building, Lower Burnside Lofts.

The seller, Berkshire Residential Investments, previously acquired the Buckman neighborhood building for $18.5 million in 2016.

The new sale values the property at 60 S.E. 10th Ave. at $222,222 per unit, or $272 per square foot. That鈥檚 in line with other recent Portland-area multifamily sales.

The building was developed by Portland鈥檚 Urban Asset Advisors and completed in June 2015.

CBRE鈥檚 Josh McDonald, Joe Nydahl and Matt Dodd represented both the buyer and seller in the transaction.

鈥淭he successful sale of Lower Burnside Lofts underscores the continued confidence investors place in Portland鈥檚 amenity-rich, close-in Eastside,鈥� McDonald stated.

The property is 鈥渟trategically positioned to deliver long-term stability while offering meaningful upside potential for its new ownership,鈥� McDonald added.

Portland multifamily properties had a 95.3 percent occupancy rate during the third quarter, according to CBRE. Rents fell 1.1 percent during the previous 12-month period.