PORTLAND, OR – HFF announced today that it has closed the $7.067 million sale of Connery Place, a 72-unit, garden-style multi-housing community located in the Montavilla neighborhood in southeast Portland, Oregon.
HFF marketed the property on behalf of the seller, Cumberland Holdings, and also represented the buyer, a private investor, who purchased the property for $98,153 per unit.
Connery Place is composed of 12 two-story buildings with 38 one- and 34 two-bedroom units averaging 653 square feet. The 97-percent-occupied property features a renovated clubhouse, outdoor pool, reserved parking spaces and 30-percent updated unit interiors. The community is situated on 1.44 acres at 8110 SE Mill Street in southeast Portland off of SE 82nd Avenue and SE Division Street. The area has a Walk Score® of 72, a Bike Score™ of 90 and is accessible from two bus stops and a MAX light rail stop within walking distance. The property is proximate to Mall 205, a two-story mall featuring more than 40 brand-name retailers, and Portland Community College Southeast Campus, which recently doubled in size from 94,000 to 200,000 square feet.
The HFF investment sales team was led by associate directors Nick Klein and Tyler Linn and managing director Ira Virden.
“We were convinced that a wise investor would see Connery Place as a viable investment because of the successful execution of Cumberland’s unit renovation and stabilization business plan,” Klein said. “With record rent growth near the central business district, the expansion of PCC Southeast and the growing popularity of the ‘Jade District’, southeast Portland’s ‘close-in’ neighborhood has quietly crept out to Interstate 205 and beyond. Investors seeking higher yields are opting to invest in aging properties in areas outside of the core in order to improve the properties and fulfill the growing demand for updated apartment communities.”
Cumberland Holdings (CHLLC) is a real estate investment and asset management company. Their investment philosophy is to sponsor investments where the majority of its return is generated by current cash flow. By locating good functional real estate in markets with solid tenant demand drivers and significant barriers to new development, cash flow has strong prospects for growth. Their value-added investment strategy focuses on the acquisitions with favorable near-term prospects for improving rents and property values through active property renovation, repositioning and management. This philosophy achieves the most predicable risk adjusted investment returns. Learn more at cumberlandholdings.com
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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.