Prime Residential Buys Portland Community for $81M
BPM Real Estate Group sold the 261-unit property west of downtown in a transaction brokered by Institutional Property Advisors.
Sunset Summit. Image courtesy of Institutional Property Advisors
BPM Real Estate Group has sold Sunset Summit, a 261-unit apartment community in Portland, Ore., to Prime Residential. Institutional Property Advisors brokered the $80.8 million deal on behalf of the seller, who let go of the asset following more than 25 years of ownership.
The community is located at 7400 SW Barnes Road in the West Hills neighborhood, near the junction of highways 26 and 217, roughly 5 miles west of downtown Portland. The 31-acre site in proximity of St. Vincent Hospital’s East Pavilion and the Oregon Zoo offers easy access to Forest Park, situated north of the property.
Built in 1989 and renovated in 2014, Sunset Summit features a unit mix of one-, two- and three-bedroom floorplates across 30 buildings, according to Yardi Matrix. Apartments offer washers/dryers in all units, fireplaces in third-floor units and vaulted ceilings. Common-area amenities include a fitness center, clubhouse, swimming pool, spa and basketball court.
Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske made up the Institutional Property Advisors team handling the negotiations. Prime Residential’s latest acquisition boosts the company’s portfolio in the West, which also includes the 369-unit Agave Ridge townhome community in San Diego, purchased for $107 million in October 2019.
