Fairfield Residential has purchased a one-acre site in north Portland for $4 million.

The property currently holds the 90-year-old Interstate Lanes bowling alley, but approval has been granted for a development with 180 residential units. The property at 6049 N. Interstate Ave. is located along TriMet‘s MAX yellow line in the Arbor Lodge neighborhood, across the street from the Chief Joseph/Ockley Green K-8 public school.

The seller was Interstate Lanes Inc.

Summerfield Commercial Real Estate Services LLC represented Fairfield Residential in the transaction. The brokers involved were Robert Parmar, Greg Wendelken and Ryan Kidwell.

The existing building will be demolished, said Travis Gold, Summerfield’s director of marketing. According to the city of Portland, the bowling alley was completed in 1926.

Previously, a developer considered building at the site a multifamily complex called the Savona Apartments.

Fairfield Residential, based in San Diego, manages more than 60,000 units nationwide.

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