Portland, Ore.—Local brokerage firm HFO Investment Real Estate has arranged the sale of Townfair Apartments in Gresham, Ore. for $31 million. The buyer is Los Angeles-based BLF Holdings LLC, interested in expanding its portfolio in the submarket.
HFO Investment Real Estate’s partner Tyler Johnson represented the buyer in the transaction; the seller is Tokola Properties of Portland. The sale of Townfair Apartments represented a price per unit of $116,981 or $139.70 per square foot.
Townfair Apartments is a 265-unit residential community that sits on 11.65 acres at 1167 NW Wallula Ave. in Gresham, Ore. The property was built in 1991 and is located within walking distance of shopping and dining venues at Gresham Station and the Civic Drive MAX station. Furthermore, the MAX Light