Equity Pacific is pleased to announce the sale of the 38-Unit Highlander Apartments located at 1217 NE 122nd Avenue in Portland, OR. This investment property sold for $5,100,000 ($134,210 per unit and $155 per SF).
The Highlander Apartments were built in 1960, comprising twenty two (22) 2BR/1BA apartments of approximately 950 square feet and sixteen (16) 1BR/1BA apartments of approximately 750 square feet. Fifteen apartments had been fully renovated at the time of the sale, including new stainless steel appliances, granite countertops, tile backsplashes and laminate flooring. Each unit has a patio or a balcony and the property has a landscaped central courtyard and two on-site laundry facilities. Additional capital improvements also include a new membrane roof and vinyl windows.
The Highlander Apartments are located on the east side of the city, approximately 8 miles from downtown Portland. The property is on a bus line, near the MAX light rail, and close to the I-205 and I-84 highways. It is also in close proximity to several schools, parks and retail stores.
The new owners are long-term investors and intend on taking full advantage of Portland’s strong rental market to achieve maximum return.
Chuck Brazer represented the buyer to the transaction.
1217 NE 122nd Avenue | Portland, Oregon 97230