Midland Apartments, LLC recently completed the $12,000,000 purchase of El Moro Apartments, located at 2016 SE 122nd Ave in Portland, Oregon.
Originally constructed in 1966, El Moro Apartments, now called Midland Apartments, is a market rate apartment community consisting of 94 total units. The subject property is made up of 27 one bedroom/one bath flats at approximately 601 square feet, 24 two bedroom/one bath flats at approximately 808 square feet, and 43 two bedroom/1.5 bath townhouses at approximately 1,020 square feet. The community includes plenty of parking, a leasing office, a community/playground area, extra storage space, balconies/patios for every unit and washer/dryer hookups in all but the one bedroom apartments. The subject property was well maintained, had been owner managed since the seventies, and offers significant upside for the new owner.
David C. Chatfield and Timothy S. Mitchell with Portland-based Norris & Stevens, Inc. represented the Seller, El Moro, LLC, and Buyer in the transaction.
Norris & Stevens, Inc. is one of the largest locally-owned, full-service commercial real estate brokerage firms in Oregon and SW Washington. A member of the TCN Worldwide network, the firm was founded in 1966 and currently employs around 75 professionals in investment sales, leasing and property management for office, industrial, retail, land, and multi-family properties. The firm’s property management portfolio exceeds 5.9 million square feet of commercial space and 9,100 apartment units.