PORTLAND, OR - HFO Investment Real Estate, a Northwest real estate investment firm with headquarters in Portland, OR, arranged the sale of Russellville Commons, a 283-unit mass transit-oriented apartment property in Portland's Gateway area for $31,625,000. HFO also represented the buyer of 124 condos (of 148 total condos) at The Village Condos in Gresham for $6.2 million.
Source: HFO Investment Real Estate
Russellville Commons was built in 1999 and covers 3.2 acres of land. This two-story garden-style apartment complex consists of (157) 1-bed 1-bath, (35) 2-bed 1-bath, (61) 2-bed 2-bath style units, plus (30) 3-bed 2-bath townhouses. The sale price of $31,625,000 represents $111,749 per unit. "This property sold to an out-of-state institutional investor looking to get a foothold in the Portland market. The investor liked this property in particular because it was less than 10 years old and by far one of the nicest close-in eastside complexes in the area. This was a transaction where the timing was perfect for both buyer and seller. The buyer paid a 6% cap rate for the property and secured a Fannie Mae loan," said HFO Partner Cody Hagerman.
Russellville's common area amenities include fitness & business centers, a clubhouse, pool/spa, and safety features such as controlled building access. Units include full-size washers/dryers and individual air conditioning along with storage, private balconies or patios and above standard ceiling height.
HFO represented buyer, NB The Village at Gresham LLC, in the bulk purchase of 124 of 148 total units in The Village Condos. These well-maintained low-density condos were built in 1975 on nearly 13 acres in Gresham approximately 14 miles from Portland city center. HFO's Hagerman said "The buyer picked up this property, a busted condo-conversion project, with a plan to buy back the existing 24 condos and operate it in the future as a residential apartment complex."
Common area amenities include a club house, fitness room, swimming pool, tennis court. These large units feature fireplaces, garages, and individual gas heaters. This bulk sale of two-story garden-style units consisted of (124) 2-bed 1-bath units ranging from 829 to 865 square feet. The sale price of $6,200,000 represents $50,000 per unit.
HFO Investment Real Estate 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.