Californians take over NW apartments for $12.4M

A California limited partnership has purchased a 70-unit apartment building in Portland’s Alphabet District for nearly $5 million more than the property sold for just two years ago.

Westover Tower LP of San Mateo, Calif., recently paid $12.4 million for the Westover Tower Apartments at 930 N.W. 25th Place. The seller was Langley/Westover Tower LLC of Portland, who bought the building at the end of 2012 for $7.5 million.

Berkadia partner Phil Oester and vice president Joe Nydahl negotiated the sale.…