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The new owner of the defunct Concordia University campus plans to resell the property.

The Lutheran Church Extension Fund, which purchased the property June 29, has enlisted an agent, Mike Holzgang, executive vice president at Colliers International in Portland, to work alongside Foundry Commercial to market and sell the real estate.

The fund purchased the property for $3 million at a Multnomah County foreclosure auction, OPB reported. The fund is a nonprofit that supports the Lutheran Church鈥揗issouri Synod’s workers, congregations and organizations.

Concordia closed in spring 2020 amid a raft of financial and legal problems. The campus was founded in 1905.

The property occupies 24 acres in Northeast Portland between Dekum and Holman streets and 27th and 30th avenues.

Potential uses of the property are limited by its campus institution zoning. Education and medical centers are among the allowed uses, with height limits up to 75 feet with no bonuses available, Portland city planner Tom Armstrong stated in an email.

The property is most likely to go to an institutional buyer, Holzgang said.

鈥淚t’s campus institutional zoning, so the primary focus is for other universities, colleges and the like that would have an interest,鈥� he said.

The property includes more than 300,000 square feet of buildings and an athletics field. The area has a large footprint within Portland’s urban growth boundary, Holzgang said.

Holzgang would not disclose a price, saying that’s a discussion to be had with prospective buyers.

鈥淚t’s a one-of-a-kind property,鈥� he said.