Midland Apartments Purchases Portland Complex for $12M
Midland Apartments, LLC has purchased El Moro Apartments, a 94-unit, market-rate multifamily community in Portland, OR for $12 million. David C. Chatfield and Timothy S. Mitchell with Portland-based brokerage firm Norris & Stevens represented the seller, El Moro, LLC as well as the buyer in the transaction.
Located at 2016 SE 122nd Avenue and constructed in 1966, the complex consists of one- and two-bedroom flats plus two-bedroom townhouses ranging in size from 600 to 1,000 square feet. Each unit has a balcony or patio, as well as laundry hookups in all but one residence. Community amenities include a leasing office, playground area, and plenty of parking.
The property, which has been renamed Midland Apartments, has been well-maintained and owner-managed since the 1970’s. The location offers a minimum of six parks within one mile, easy access to Interstate 205 and is just eight miles from Downtown Portland.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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