PORTLAND, OR - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $55 million sale of The Pointe, a 387-unit, garden-style multi-housing property in Vancouver, Washington.
HFF marketed the asset exclusively on behalf of an affiliate of Kennedy Wilson. Green Leaf Capital Partners purchased the offering for $55 million free and clear of existing debt.
The Pointe is located at 3708 NE 109th Avenue just off Interstate 205, approximately 16 miles northeast of downtown Portland. The 94-percent-leased property has 37 residential buildings with one-, two- and three-bedroom units averaging 879 square feet each. Community amenities include two swimming pools, indoor spa, fitness center, barbecue area, dog run and clubhouse.
The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.
About Green Leaf Capital Partners: Green Leaf Capital Partners is a vertically integrated real estate investment company based in Northern California that acquires, renovates and manages apartment properties in select markets in the United States. The company’s primary focus has been to purchase Class B apartment assets with a strong current return and some opportunity for capital appreciation through renovation and market dynamics. Green Leaf Capital Partners looks to generate value for its partners through a disciplined investment underwriting process, intense focus on execution, and focus on the macro markets to determine best timing for exit. Green Leaf manages its own assets through its subsidiary Green Leaf Partners, Inc. and also directly oversees its own construction team to manage rehabilitation projects and ongoing maintenance projects.
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.