A California trust acquired the 93-unit Pointe West Apartments at 11556 SE Fuller Road in Milwaukie, OR, for $7.6 million, or about $81,720 per unit. The seller was local investor Pointe West Apartments LLC. Built in 1989, the nine-building complex sits on about 2.8 acres. It consists of 79 two-bed/two-bath units and 14 two-bed/two-bath units, with sizes ranging from 870 square feet to 1,104 square feet. The complex was fully occupied and sold at a 6.15% cap rate based on income at the time of closing. The transaction was the buyer's upleg and the seller's intended downleg in separate 1031 exchanges. Nancy McNeil of Norris & Stevens represented the seller. Larry Losness of The Losness Group represented the buyer. Please refer to CoStar COMPS #1471240 for more information on this transaction.
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