PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $47.75 million sale of The Cordelia, a 135-unit, two-building multi-housing property in Portland’s Alphabet District. HFF marketed the asset on behalf of Mill Creek Residential Trust and its capital partner.
The Cordelia is located at 777 NW 19th Avenue between Portland’s Pearl District and the NW 23rd Avenue retail corridor. The transit-oriented asset is situated two blocks from a Portland streetcar stop, less than one half of a mile from Interstate 405 and provides access to multiple retail, dining and entertainment options within walking/biking distance. Completed in 2014, the LEED Gold property has studio, one- and two-bedroom units averaging 667 square feet each. Property amenities include a common area with kitchen and theatre lounge, bike storage and repair station, dog wash and grooming station, 24-hour fitness center, outdoor barbecue and picnic area and a 62-space subterranean parking garage.
The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.
About Mill Creek Residential Trust: Mill Creek Residential Trust is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets including Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York and Boston. Currently, the company’s portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning.
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.