PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Park at Tualatin, a 210-unit, garden-style multi-housing community located in the Portland suburb of Tualatin.
HFF marketed the property on behalf of the seller, FPA MultiFamily, LLC. TruAmerica Multifamily, LLC purchased the asset for $28 million.
Situated on a 17-acre parcel, The Park at Tualatin is located at 7800 SW Sagert Street and is bordered by SW Martinazzi Avenue to the west and Interstate 5 to the east. Partially renovated in 2013, the property is approximately 12 miles southwest of downtown Portland and is within walking distance to the area’s major retail attractions such as Bridgeport Village, Nyberg Woods, Nyberg Rivers and Tualatin Commons.
The property has one-, two- and three-bedroom units averaging 775 square feet each. Community amenities include a swimming pool and sun deck, playground, basketball court, fitness center and clubhouse. The HFF investment sales team representing the seller was led by managing director Ira Virden and associate director Kerry Hughes.
About FPA MultiFamily, LLC
Founded in 1985, FPA MultiFamily, LLC (FPA) is a real estate investment firm utilizing institutional private equity for apartment investments. The firm has transacted on approximately 75,000 apartment units valued in excess of $6 billion and realized investments on more than 260 buildings in excess of 48,000 units for more than $3 billion. FPA and its affiliated management and general contracting companies employ more than 95 professionals and 680 onsite employees who together operate a portfolio of approximately 25,000 apartment units valued at $2.6 billion. The firm is a manager of equity capital for endowments, foundations, foreign and domestic pension funds and high net-worth individuals. Currently, the firm is investing through its FPA Apartment Opportunity Fund V, L.P., which will acquire approximately $1.4 billion of assets. The firm has also been recognized on the National Multifamily Housing Council’s (NMHC) Top 50 Apartment Owners in the United States in 2015. For more information on FPA, please visit www.fpamf.com.
About TruAmerica Multifamily, LLC
TruAmerica Multifamily, LLC is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $3.7 billion portfolio of nearly 18,000 units across prime locations throughout Northern and Southern California, Colorado, Arizona and Washington. For more information on TruAmerica Multifamily, visit www.truamerica.com or call (424) 325-2750.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.