Riva on the Park, a 294-unit South Waterfront apartment building, has been purchased for $116.13 million by a Denver-based real estate investment firm.

Griffis Residential, a private-equity firm active in West Coast markets, snapped up the building from Barings, a real estate firm based in Charlotte, N.C. Jones Lang LaSalle represented the seller.

The price amounts to $395,000 per apartment. They average 811 square feet, including studios, one-bedroom units and two-bedroom units. The 22-story tower also has 13,000 square feet of ground-floor retail space.

Since the sale closed, the new owner has rebranded the property as Griffis South Waterfront.

The building sits at 0650 S.W. Gaines St., near Oregon Health and Science University, a MAX light-rail station and Portland Streetcar stops. The building was completed in 2008 and has a Leadership in Energy and Environmental Design gold rating.

The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden and Senior Director Carrie Kahn.

The building previously was purchased for $70 million in January 2012, according to public records.

The post South Waterfront tower fetches $116.13 million appeared first on Daily Journal of Commerce.