William L. Hanrahan of Portland beat out five other bidders to take the keys to the Penny Lane Apartments in a transaction that came in $50,000 below the property's asking price. "He's going to move here, live on site and manage the property himself," Marcus & Millichap broker Doug Fielding, who negotiated the deal for Newport Beach, CA-based seller Penny Lane Apartments LP, tells GlobeSt.com.

Although five other bidders were vying for the 544 E. Southern Ave. property, Fielding said Hanrahan had the cash on hand from a 1031 Exchange in Oregon. The proceeds offered quick closing terms to seal the deal within 45 days.

Built in 1985 by American Homes Inc., the property, which features a swimming pool, clubhouse with exercise room and covered parking, was originally designed as condominiums and are individually deeded, allowing the new owner to sell off the units in the future, Fielding said. Hanrahan was represented in the transaction by and Jason Waxburg of Marcus & Millichap's Portland office.