PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $59.5 million sale of Terrene at the Grove, a 288-unit, Class A garden-style apartment community in Wilsonville, Oregon.
HFF marketed the property on behalf of the seller, Holland Partner Group and its finance partner. Jackson Square Properties purchased the asset free and clear of existing debt. The buyer also recently acquired The Addison, a 147-unit apartment community in Vancouver, Washington, through a sale brokered by HFF.
Completed in 2013, Terrene at the Grove has 13 residential buildings encompassing 288 expansive units averaging 1,012 square feet each. Community amenities include a saltwater swimming pool, fitness center and resort-style clubhouse. Ideally situated at 8890 SW Ash Meadows Circle just off Interstate 5 in the rapidly growing Portland suburb of Wilsonville, Oregon, Terrene at the Grove is Wilsonville’s newest apartment community and one of only three properties built in the city since 2007.
The HFF investment sales team representing the seller was led by managing director Ira Virden and associate director Kerry Hughes.
About Holland Partner Group: Founded in 2000, Holland Partner Group (HPG) based in Vancouver, Washington, is a fully-integrated real estate investment company. Current assets under management and development represent approximately $5 billion in 25,000 apartment homes located in the western United States’ most sought after markets. The company accomplishes its investment objectives in strategic alignment with its capital partners through its five integrated operating companies, including development, construction, acquisition, redevelopment and management. HPG’s combined business volume in 2014 exceeded $1 billion.
About Jackson Square Properties: Jackson Square Properties is a private Real Estate investment company located in the San Francisco Bay Area that specializes solely in the purchase and ownership of multifamily apartment communities. Founded in 2004, Jackson Square Properties has expanded over the years to own a diverse pool of multifamily assets totaling more than 60 communities with 18,000 units in 10 states and a value in excess of $2.5 billion.
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.