20 on Hawthorne apartments sold for $15M

20 on Hawthorne apartments sold for $15M

The high-end "20 on Hawthorne" Portland apartment building was purchased by a JPMorgan Chase investment fund for $14.95M, or $283 per square foot.

Portland developer Gerding Edlen and Seattle-based Metzler Real Estate built the 51-unit apartment building, located at 1550 S.E. 20th Ave., in 2009.

About 3 percent of the one- and two-bedroom apartments are vacant, according to brokerage Jones Lang LaSalle, which represented sellers Gerding Edlen and Metzler. It also includes 5,000 square feet of ground-floor retail space, which is fully occupied.

Read more at OregonLive.com.