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The 172-unit Binford Garden Townhomes in Portland’s Rose City Park neighborhood has sold for $30.8 million.

HFO Investment Real Estate handled the sale on behalf of both the buyer (an out-of-state investment firm) and the seller (an Oregon-based family). The identities of those parties were not disclosed by HFO; however, public records show the complex has been under the ownership of American Condominium Homes Inc., a corporation registered with the state of Oregon since 1970. State records show that corporation’s registering agent, president and secretary are all members of the Popma family.

Binford Garden Townhomes were built in 1949 at 6905 N.E. Hancock St., near the Rose City Golf Course. Approximately 80 percent of the units are two-story townhomes with an average floor space of roughly 1,050 square feet. The 172 units span 9.7 acres in 18 residential buildings and one common area building.

In a press release, HFO Investment Real Estate said that after 35 years of owner management, it was time to 鈥渟trategically position the property.

鈥淪ome of Binford Garden’s mechanical systems were original with limited updating, and the property was self-managed,鈥� according to HFO.

鈥淭his type of property is very rare for the Portland-metro area and the Pacific Northwest,鈥� HFO partner Greg Frick stated. 鈥淣o land sites of a similar size have been available this close to downtown Portland. A community with a density of seventeen units per acre could never profitably be built today.鈥�

Binford Garden’s landscaping is 鈥減articularly remarkable,鈥� Frick added, noting that each apartment features large windows with views of private courtyards.

The new owner plans to renovate the property and then remarket it as more upscale, Frick stated.