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497-Unit Apartment Complex Sets State Record for Price

PORTLAND, OR-Equity Residential Properties paid $51.25 million, or $103,118 per unit, a price equaling the complex's income value.

By Joel Cone | Updated on October 08, 2001

(Brian Miller is on vacation.)

PORTLAND, OR-In what is being tauted as the highest price ever paid for an apartment complex in the state of Oregon, AvalonBay Communities of Alexandria, VA has sold the 497-unit Avalon Palladia Apartments in Hillsboro for $51.25 million.

Having acquired the property only a year ago–in a transaction reportedly valued at $46.3 million–the sale to Chicago-based Equity Residential Properties Trust was for a price equal to the income value of the property, according to Kirk Taylor, SVP of CB Richard Ellis’ Portland office.

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