CBRE Arranges $28 Million Sale of Multifamily Property in Milwaukie, Oregon

CBRE has arranged the $28 million sale of Axletree Apartments, a 110-unit mid-rise community located at 11125 SE 21st Ave in Milwaukie, Oregon, to an undisclosed buyer.

CBRE’s Josh McDonald and Joe Nydahl represented the private seller in the transaction.

Built in 2019, Axletree Apartments offers a mix of studio, one-, and two-bedroom units with in-unit washers and dryers, stainless steel appliances and some units with river views.

“Axletree Apartments is a truly irreplaceable asset located in the heart of Milwaukie, a close-in Portland suburb undergoing a remarkable transformation,” said McDonald. “With best-in-class amenities, luxury unit finishes, and unbeatable proximity to the MAX light rail connecting directly to Downtown Portland and beyond, the property offers a rare combination of lifestyle, access, and long-term upside. Walkable to Milwaukie’s top amenities and situated in a submarket with limited future supply, Axletree is uniquely positioned to benefit from the area’s continued revitalization and growing appeal.”

Located next to the Orange Max light rail station, the property offers easy access for commuting throughout Portland, including major employers, Portland International Airport and Providence Health.