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Apartment Complex Near Portland Sells for $28M
Axletree Apartments, a 110-unit apartment complex at 11125 S.E. 21st Ave. in Milwaukie, Oregon, was sold for $28 million to an undisclosed buyer.
CBRE’s Josh McDonald and Joe Nydahl represented the seller in the transaction. The apartments were developed by Portland-based Guardian Real Estate Services in 2019, reported the Portland Business Journal.
The five-story mixed-use building comprises studio, one- and two-bedroom apartments with 7,300 square feet of retail space. Located steps from the MAX light rail, riverfront parks, and local shops and eateries, Axletree offers a resident lounge, rooftop deck and secure bike storage.
The transaction follows other activity in the area, including Pacific Urban Investors’ recent acquisition of Meadow Creek, now renamed Ansley Murrayhill, a 304-unit apartment community in Tigard, Oregon. The property is a two-story, garden-style community with 608 parking spaces.
