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A 47-unit apartment complex in Vancouver, Washington has sold for $8.61 million.

Corporate Woods Apartments, at 4821 N.E. 110th Ave., was built in 2003. The transaction values the property at $183,191 per unit, or approximately $192 per rentable square foot.

鈥淭his transaction reflects the sustained demand for well-maintained, midsized apartment communities in Clark County,鈥� stated Rob Marton, an HFO Investment Real Estate partner who brokered the transaction.

The property was 95 percent occupied at the time of sale. Apartments at Corporate Woods average approximately 955 square feet. The property is near Northeast 112th Avenue and S.R. 500 鈥斅燼 busy east-west thoroughfare.

鈥淓ven without amenity packages, well-located properties with strong occupancy, solid construction vintage and a clear path to value creation continue to attract deep investor interest,鈥� Marton added.

The seller was a limited liability company linked to David Squire, a Newmark executive in Portland. The buyer was not disclosed and was not immediately available in public records.

HFO represented both the buyer and the seller in the transaction, which closed on Dec. 19. The acquisition closed at an approximately 6.25 percent capitalization rate. The buyer鈥檚 financing was provided by JPMorgan Chase.

The buyer plans to make unit-level improvements upon natural resident turnover, while operating the property as a long-term hold, according to HFO.