A 167-unit Northeast Portland apartment building has sold for $30.7 million to a California investment group.

Grant Park Village Quimby, completed in 2018, was purchased by Laurel Property Group of Beverly Hills, California. LPG specializes in managing multifamily properties for family offices and wealthy investors.

The seller was the property’s developer, Capstone Partners, alongside PCCP, a Los Angeles-based real estate investment manager.

The transaction values the 117,333-square-foot asset at $183,832 per unit, or $262 per square foot.

“Grant Park Village Quimby represents exactly the type of institutional‑quality, transit‑oriented asset that investors are seeking in today’s market,” Joe Nydahl, a CBRE executive vice president, stated in a news release. “The property’s finishes, location fundamentals and the limited future supply pipeline in the Grant Park submarket position it well for long‑term performance.”

Nydahl and Josh McDonald represented both the buyer and the seller in the transaction, with support from Scott Williams and Ryan Jameson of CBRE Debt and Structured Finance.

The building at 1580 N.E. 32nd Ave. is in the Sullivan’s Gulch neighborhood and sits adjacent to its sister property, Grant Park Village Henshaw. The properties are north of Interstate 84 and next to a Fred Meyer store.

The apartments in Grant Park Village Quimby are studios or have one or two bedrooms; they average 554 square feet. The midrise community features modern unit finishes and a range of resident amenities, including a fitness center, a resident lounge, an outdoor courtyard and a pet spa.

The property sale was recorded on April 21, according to Multnomah County records.

The post Northeast Portland multifamily building fetches $30.7 million appeared first on Daily Journal of Commerce.