Equity Pacific is pleased to announce the sale of the 15-Unit Park Regency Apartments for $2,445,000. Located in the heart of the Hollywood neighborhood in close-in NE Portland, this attractive two-story property built in 1969 features cedar and brick siding and has been very well maintained.
Situated on a 15,000 SF corner lot, the Park Regency Apartments feature an excellent unit mix comprising two (2) 3BR/1.5BA units, one 2BR/1.5BA Town Home, eight (8) 2BR/1BA units and four (4) 1BR/1BA units. Overall the average apartment size is 800 SF, and the apartments feature decks and balconies. All the apartments are individually metered for electricity. There is open, off-street asphalt parking for 16 cars.
Park Regency benefits from this strong location as a Walker’s Paradise with a 91 Walk Score and is a Biker’s Paradise with a 98 Bike Score, and is located near Whole Foods, Trader Joe’s, 24-Hour Fitness, Providence Hospital, the Hollywood Theater and a wide variety of retail stores, coffee shops, parks, schools and public transportation.
Equity Pacific secured the sale of the property against multiple competing offers. The new owner intends to upgrade the property to realize the building’s pride of ownership potential and achieve higher, market level rents.
Chuck Brazer represented the buyer on this transaction.
4502 NE Hancock Street | Portland, Oregon 97213