Berkshire Group, a Boston investment company, has purchased the Lower Burnside Lofts apartment building for $18.5 million, ARA Newmark announced Tuesday.

The owner was developer Urban Asset Advisors, which completed the six-story, 63-unit project in June 2015. It was designed by Vallaster Corl Architects, built by Bremik Construction and financed by Banner Bank.

The sale price equates to $521 per square foot. The sale was brokered by ARA Newmark’s Portland office.

Lower Burnside Lofts, at 60 S.E. 10th Ave., is in a Southeast Portland area that is attracting redevelopment. Restaurants such as Le Pigeon, Noble Rot and Burnside Brewing have added amenities to the area.

Lower Burnside Lofts was fully leased by August, according to ARA Newmark.

Only a block away, at 1111 S.E. Sandy Blvd., Urban Development Group of Beaverton is moving forward with Burnside Delta. It’s expected to have 85 residential units and 2,500 square feet of ground-floor retail space.

“The most appealing thing to the lower Burnside neighborhood is it’s sort of at that doorstep to downtown,” said Robert Black, managing director of ARA Newmark’s Portland office. “It’s got great access, either by car or by bike.”

Newer neighborhood tenants are mixing with long-established manufacturing businesses.

Lower Burnside is “having a real sort of resurgence, especially in the creative office world,” Black said. “It’s got a lot of the factors that these millennials – young, well-educated creatives – are looking for.”

The multifamily market continues to see steady development, with about 5,000 units expected to go online this year in the Portland area, and a similar number in 2017, Black said.

“I see this continuing,” he said.

With rents rising in the suburbs, more projects are being planned in submarkets such as Washington County, along with steady multifamily-unit deliveries in Portland’s urban core, Black said.

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Urban Development Group of Beaverton is moving forward with plans to construct a six-story mixed-use building in Portland at East Burnside Street and Southeast Sandy Boulevard.

Burnside Delta is designed to offer 85 residential units and 2,500 square feet of ground-floor retail space at 1111 S.E. Sandy Blvd. The building site is a triangular block occupied by a large billboard and parking lot. A small restaurant, Michael’s Italian Beef and Sausage Co., is expected to remain.

The ground level would also have 18 vehicle parking spaces and 56 bicycle parking spaces. The building would have a basement level, and feature exterior balconies and a roof deck.

The project is scheduled to return to design review on March 17; an initial hearing was held Feb. 4. Vallaster Corl Architects of Portland is designing the building.

Bureau of Development Services staff, in a Jan. 22 report, recommended project plans be denied. Among other issues, the staff report said the applicant, David Mullens of Urban Development Group, had not provided enough information about the building’s proposed use of tread-plate steel exterior cladding.

BDS staff also recommended more arcade features be included to provide greater protection to pedestrians and to help the building fit in among others in the area.

Mullens and Urban Development Group owner Dennis Sackhoff could not be reached for comment. Sackhoff is also president and CEO of Arbor Custom Homes in Beaverton.

The project’s architect said Burnside Delta should be able to move forward.

“We’ve just got to get the arcade thing sorted out, and then it’s ready to go in terms of putting together the working drawings,” architect Don Vallaster said.

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