PORTLAND, OR - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Spyglass Hill, a 137-unit, garden-style multi-housing community in Beaverton, Oregon.
HFF marketed the asset exclusively on behalf of Hamilton Zanze. Pacific Urban Residential (PUR) purchased the offering for $25.35 million free and clear of existing debt.
Spyglass Hill is located at 14305 SW Sexton Mountain Drive near major area thoroughfares, including Route 217, Highway 26 and Interstate 5. The property’s location positions it approximately 11 miles southwest of downtown Portland and near large regional employers such as Nike and Intel. Spyglass Hill is 97.9 percent leased and offers a mix of one-, two and three-bedroom units totaling approximately 122,057 rentable square feet. Community amenities include a swimming pool, hot tub, barbecue/picnic area, fitness center, clubhouse and business center.
The HFF investment sales team was led by managing director Ira Virden.
“The partnership executed on our business plan for this property and felt that this was an opportune moment to recycle the capital and move on,” said Kurt Houtkooper, Chief Investment Officer at Hamilton Zanze.
About Hamilton Zanze: Founded in 2001, Hamilton Zanze is a private San Francisco-based real estate investment firm focused on the pursuit, acquisition and hands-on management of multifamily housing in the western and southwestern United States. Today, the firm manages more than $2 billion in assets, operating across nine states with more than 700 investors. For more information, please visit www.hamiltonzanze.com.
About Pacific Urban Residential: Pacific Urban Residential (PUR) is an industry-leading West Coast apartment investor. Since 1998, PUR has acquired more than 22,000 West Coast apartment homes, totaling $3.5 billion. Today, the well-capitalized firm and its strategic partners own an apartment portfolio in excess of $2 billion. Spyglass Hill is the firm’s third Portland-area apartment purchased in recent months and they are eager to expand their portfolio in the region. For more information on Pacific Urban Residential, please visit www.purapts.com.
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.