PORTLAND, OR - HFO Investment Real Estate, a commercial real estate investment firm with apartment brokers based in Portland, OR, has brokered the sale of the Twin Creeks Apartments, a 220-unit apartment complex built in phases starting in 1996 and completed in 1999. Twin Creeks is a garden-style multifamily complex situated on nearly 12 acres in the Sunnyside corridor in Southeast Portland.
Source: HFO Investment Real Estate
The multifamily complex consists of (66) 1-bed 1-bath, (54) 2-bed 1-bath, (63) 2-bed 2-bath, and (37) 3-bed 2-bath apartments. The apartment complex sold for $17,000,000, or $77,273 per unit. The seller was Twin Creeks Apartments LLC of Portland and the buyer was Twin Creeks LLC, a private equity firm based in the San Francisco Bay area. The seller developed and built the property and had meticulously cared for the buildings and grounds. The property includes a fitness center, clubhouse, basketball court, two swimming pools, and tile roofs and covered parking. Unit amenities include fireplaces and air conditioning. The purchaser of the property assumed the existing CMBS loan which had a 65% LTV and an above-market interest rate.
"Twin Creeks represented a unique opportunity to acquire a solid class B property that had been well maintained. We had a lot of interest," said HFO commercial real estate partner Greg Frick, "even with the requirement that the loan be assumed with an interest rate above what is currently available in the market."
Twin Creeks was built adjacent to the 183-acre Mt. Talbert Nature Park. Many of the apartments offer views of the surrounding trees and creeks. HFO Investment Real Estate's apartment brokers represented the parties in the apartment sale. This transaction sets the record for the largest commercial real estate transaction for Q3 2010 in the multifamily category.
HFO Investment Real Estate is a commercial real estate brokerage that builds wealth and generates cash flow for clients through apartment investment and brokerage services. Working throughout Oregon and Washington HFO offers an insider's knowledge of the local market. It is HFO's mission to provide extraordinary service and forge mutually beneficial, long-term relationships.