Santa Lucia Apartments – $2,100,000

SOLD! Santa Lucia Apartments | $2,100,000

8 UNIT MULTI-FAMILY INVESTMENT
2934 SE Morrison St. | Portland, Oregon, 97214

Equity Pacific is pleased to announce the sale of the Santa Lucia Apartments located at 2934 SE Morrison Street in Portland, OR. The property sold for $2,100,000 ($262,500 per unit and $258.33 per SF).

The Santa Lucia Apartments were meticulously remodeled in 2014 with the help of a prominent local architect. Many period features were kept or improved while modern amenities and details added to appeal to the current renter demographic in the area. The property is incredibly well-located within the Belmont sub-market making the investment a rare and outstanding long-term opportunity. Rents were in need of stabilizing but all other aspects of the property financially and physically were virtually turn-key. 

Equity Pacific recognized the opportunity and acted fast to match the property to an existing client’s acquisition parameters. The buyer was in a 1031 exchange and the property matched perfectly and their offer was accepted. The buyer was guided through due diligence swiftly and thoroughly and the transaction was successfully closed and recorded on-time.

 

Chuck Brazer represented the buyer in the transaction.