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A Los Angeles-based investor has closed on the purchase of a 164-unit apartment building in Bethany for $29 million.

Oak Hill Apartments, at 15800 N.W. West Union Road, in unincorporated Washington County, was sold to Affordable Housing Associates. The seller was Tokola Properties Inc., which built the property in 1991 and had owned the complex ever since.

The sale equated to $176,829 per unit, or $211.65 per square foot. HFO Investment Real Estate partners Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton represented the seller.

The property had been in escrow for nearly a year as Tokola worked to identify a property for a 1031 exchange 鈥� an IRS mechanism that allows investors to purchase another property while deferring capital gains taxes.

Oak Hill’s amenities include a fitness and business center, a clubhouse, a pool and covered parking.

Strong job growth and housing demand continues to make Portland-area properties attractive investments, Johnson stated in a news release.

鈥淭his demand for housing is making Oregon a prime investment target for investors from across the country,鈥� Johnson stated. 鈥淥ak Hill is a value-add community with significant upside. Its Bethany location makes it especially desirable due to its proximity to downtown Portland, Nike, Intel and its reputation for having some of the best schools in the metro area.鈥�

The Portland-metro area had a vacancy rate of 3.5 percent in spring 2016, Multifamily NW reported.