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10/27/16
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Calico Townhomes, an 18-unit res property in in Portland’s Mill Park neighborhood, was sold for $4.1 mil, or $228k/unit. The property is located at 531 128th Avenue SE, east of I-205 and south of I-84.
Originally constructed in 2008 as for-sale townhomes, the property was acquired by Pathfinder Partners LLC, the seller in this transaction, in 2013 and has been operated as a rental community. The three-story property consists of 15 two-bedroom/three-and-one-half bath units and three three-bedroom/three-and-one-half bath units ranging from 2k sf to 2.5k sf in size.
All of the units feature hardwood flooring, granite countertops, stainless steel appliances and vaulted ceilings. Several homes contain elevators.
During the term of its ownership, Pathfinder completed exterior renovations including landscaping upgrades, new asphalt, accent painting and a new patio railing system. Interior renovations include the construction of “bonus rooms” – ground-level dens with bathrooms located in the rear of the existing, oversized garages.
The property was purchased by a Portland-based 1031-exchange buyer, who was represented by Jack Stephens of HFO Investment Real Estate LLC. Pathfinder was repped by Cody Hagerman, also of HFO Investment Real Estate LLC.
Pathfinder currently owns two other multifamily properties in the Portland metro area – Red Tail Canyon Townhomes, a 100-unit project on Mount Scott in Southeast Portland and Sienna Lofts, a 75-unit property in Gresham.
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