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PORTLAND-The 15-story, 305-unit Ione Plaza apartment building adjacent Portland State University slipped out of the school’s reach this week when the owner’s broker confirms that despite a $22 million offer the university was not the best candidate and another buyer has the property tied up and is conducting due diligence en route to purchasing the building later this year.

The building’s owner is the University of Oregon Foundation. The foundation’s Lou Williams was not immediately available for comment Tuesday. The foundation’s broker, Kirk Taylor of CB Richard Ellis, declined to reveal the name of the buyer or the agreed upon sale price until the sale is finalized, but did reveal a little about why PSU’s offer was passed over.

“As a member of the state system of higher education, PSU’s acquisition process doesn’t fit in well with the competitive way this property was marketed,” Taylor tells GlobeSt.com. “They are required to have an appraisal and then want seller to have an appraisal and then want to take the lower of the two appraisals–that’s a lot of uncertainty compared to someone willing to cut a check right then.”

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