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A 150-unit multifamily property in Gresham has sold for $20.5 million.

The apartment complex, East Wind, was built in 1971. The three-story, eight-building community has a mix of one-, two- and three-bedroom apartments.

The transaction values the property at $136,667 per unit. The asset, located at 2950 N.E. 23rd St., nearly doubled in price for seller Papago, an Arizona limited liability company, which purchased the property from Bender Equities Inc. for $10.4 million in November 2013.

The new owner is FLT East Wind, a limited liability company linked to Red Tail Acquisitions of Irvine, California.

Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.

East Wind 鈥渉as received significant capital improvements to preserve and enhance its long-term performance, reduce immediate maintenance obligations and create a seamless operational transition,鈥� stated Hamid Panahi, IPA鈥檚 senior managing director for investments.

Panahi was joined in the transaction by Whitney Rhoades聽of聽Marcus聽& Millichap, Anthony Palladino聽of IPA and David Tabata,聽Marcus聽& Millichap鈥檚 broker of record in Oregon.

鈥淪eldom seen in today鈥檚 market, East Wind has enjoyed stable, long-term ownership since 2013, with the community self-managed by ownership to ensure consistent quality and oversight,鈥� Rhoades stated.

The apartments comprise 94,638 square feet, according to Multnomah County records.