**Apartment Complex Near Portland Sells for $28 Million**
Axletree Apartments, a 110-unit apartment community located at 11125 S.E. 21st Ave. in Milwaukie, Oregon, has been sold for $28 million to an undisclosed buyer.
CBRE’s Josh McDonald and Joe Nydahl represented the seller in the transaction. The five-story mixed-use building was developed in 2019 by Portland-based Guardian Real Estate Services, according to the Portland Business Journal.
Axletree Apartments offers a mix of studio, one- and two-bedroom apartment homes along with 7,300 square feet of ground-floor retail space. Positioned in a prime location near public transportation, including the MAX light rail, the property is also in close proximity to riverfront parks and Milwaukie’s vibrant collection of shops and eateries. Amenities include a resident lounge, rooftop deck, and secure bike storage.
This transaction is part of continued investment activity in the greater Portland metro area. Recently, Pacific Urban Investors acquired Meadow Creek, a 304-unit garden-style apartment community in Tigard, Oregon. The newly renamed Ansley Murrayhill features two-story buildings and includes 608 parking spaces.
