California investors buy up Eugene apartment complexes

EUGENE, Ore. (AP) _ A large apartment complex in Oregon has sold to a group of California investors for $31 million.

The Register-Guard reports ( ) that it is the third time this year that California investors have paid $30 million or more for an apartment building in Eugene.

A deed filed with Lane County shows that the 192-unit Ecco Apartments sold last week, with Hamilton Zanze Real Estate Investments of San Francisco acquiring a 52.6 percent ownership stake.

Seattle-based Evergreen Housing Development Group built the complexusing federal assistance to create government-subsidized housing for lower-income families.

Hamilton Zanze Managing Director David Nelson told the Register-Guard that ``we really, really like the Eugene market.''

Nelson says the company owns several buildings in the Portland area but is hoping to make a long-term play in Eugene.