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A close-in Northeast Portland vintage multifamily property has sold for $9.25 million.

HFO Investment Real Estate announced earlier this week that its brokers closed on a purchase of the 72-unit Colonial Gardens Apartments, with a per-unit price around $128,473.

The 2.9-acre property is located from 905 to 923 N.E. 44th Ave., between the Laurelhurst and Hollywood neighborhoods. The garden-style apartments sit slightly south of Interstate 84 and are adjacent to Providence Medical Center.

The two-story apartments were built in 1945, and while retaining their original charm with vintage wood flooring, kitchen cabinets and light fixtures, the complex is ripe for an investment in improvements to add value to the property, according to Aaron Douglas, marketing director with HFO.

The property offers 鈥渁mple on-site parking,鈥� which Douglas calls a rare amenity.

The seller had owned the property 鈥渇or decades,鈥� according to Douglas, and chose an unnamed Portland-area buyer 鈥渨ith significant expertise in managing vintage properties.鈥�

HFO received multiple offers from potential buyers, Douglas said. The chosen buyer formerly delivered newspapers to the apartment complex.

Neighborhood employers include Trader Joe’s, 24 Hour Fitness and Whole Foods. Also, the Hollywood Transit Center/MAX station is a short walk from the complex.