January 4, 2021
Prime Residential acquired Sunset Summit, a 261-unit multifamily property in Portland’s West Hills neighborhood from BPM Real Estate Group for $80.75 million. The pricing equates to $309,387-per-unit.
Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius, and Sidney Warsinske of Institutional Property Advisors’ (IPA), a division of Marcus & Millichap, represented the seller.
Palladino says, “The sale represents the first time the property has traded hands in over 25 years. Sunset Summit is a unique asset, featuring low-density construction with views of the Tualatin Valley from most units.”
Built in 1989 on 31 acres and renovated in 2014, Sunset Summit is near Downtown Portland, allowing for a convenient commute into the city via Burnside Road and access to Nike and Intel via U.S. Highway 26 or the Sunset Transit Center.
For comments, questions or concerns, please contact Dennis Kaiser