Portland investors purchase apartments

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WASHOUGAL — A 10-unit Washougal apartment complex has been purchased for $950,000, according to a news release issued by Portland-based commercial real estate company Sperry Van Ness Bluestone & Hockley.

The transaction adds to a growing number of similar local investments based on the theory that multifamily projects are a stable market segment fueled by the housing slump and accessible financing.

Portland investors Ken Wallace and Ed Wallace purchased the two-story Lone Oak Apartments at 657 29th St. in Washougal. It was purchased from the Jean T. Humason Trust.