Developer Walt Bowen has unloaded a long-held multifamily property in Portland’s West Hills for $80.75 million.

Prime Residential snapped up the 261-unit Sunset Summit Apartments. The sale equates to $309,387 per unit. BPM Real Estate Group was the seller.

“The sale represents the first time the property has traded hands in over 25 years,” Anthony Palladino, vice president of Institutional Property Advisors, a division of Marcus & Millichap, stated in a news release. “Sunset Summit is a unique asset, featuring low-density construction with views of the Tualatin Valley from most units.”

Palladino and IPA’s Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske represented the seller. BPM is also the developer of the 35-story Block 216 Ritz-Carlton project in downtown Portland, among other real estate ventures.

Sunset Summit, at 7400 S.W. Barnes Road, was built in 1989 on 31 acres and renovated in 2014, IPA stated in a news release. The complex is located close to Sunset Corridor employers Nike and Intel, and within a short drive from downtown Portland.

Prime Residential, based in Los Angeles, holds three other multifamily properties in the Portland area: Rock Creek 185, The Frank Estate and Wimbledon Square.

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