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A Gresham apartment complex has been sold to a Southern California entrepreneur for $31 million.

The 265-unit Townfair apartments were sold to BLF Holdings LLC by Tokola Properties of Portland. HFO Investment Real Estate brokered the sale.

BLF Holdings LLC is associated with the Brian L. Fitterer Revocable Trust of Irvine, California.
The Townfair purchase breaks down to $116,981 per unit or $139.70 per square foot. HFO partner Tyler Johnson represented the buyer in the transaction.

The property is within walking distance of the Gresham Station shopping center and TriMet’s Civic Drive MAX station.

In a news release announcing the sale, Johnson said Gresham is attracting investors because its vacancy rates are among the lowest in the Portland-metro area, rents are up and little new product is being built.

Fitterer has been active in the Portland multifamily market recently. In November, his trust purchased the Fieldstone Apartments in Fairview for $20.8 million, or $136 per square foot.

Fitterer attracted attention from the New York Post in 2013 when he purchased for approximately $1 million below market price a condo in a New York City building that had been damaged by Hurricane Sandy. He’s also known as the founder of two Los Angeles-based swimwear companies.