And the gentrification just keeps on coming.
  • Burnside 26 web page
  • And the gentrification just keeps on coming.

The oh-so-very-Portland apartments that everybody loves to hate—Burnside 26—sold earlier this month.

Now, everybody take a seat before you read this next part. Really. Sit down. You're sitting? The closing price: a whopping $41.5 million, as first reported by the Portland Business Journal. The seller secured a $15.4 million construction loan to build Burnside 26, which opened in 2014. That's a $26.1 million difference, if we're doing the math.

Let's do some more math, while we're at it. Remember that one Willamette Week contributor who wrote not one, but two, loathsome op-ed pieces about why his tiny, overpriced apartment was so great? Yeah, well, on a per-unit basis, that means his one-bedroom, 592-square-foot box sold for $307,407.

By comparison, he wrote that he and his wife paid $1,400 per month. If you could secure a home loan, and you had a $30K down payment, you'd pay $1,900 per month on a mortgage at that price with a 4.176 percent interest rate, according to Zillow.

Burnside 26 came under fire when it owners released an ad featuring "Luke and Jess," a fictitious couple who flitted around their airy building, washing their bikes, using their stainless steel appliances, and enjoying time with their friends on the building's rooftop lounge.

The 135-units at Burnside 26 are a mix of studios, one- and two-bedroom units that lease at prices starting around $1,300 per month. When the Luke and Jess ad came out, the property came under a firestorm of ire on social media by people who see developments like this as an example of everything that's going wrong with Portland, which has been called the "most gentrified city" in the US.