PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Mark at Lake Oswego, an 82-unit, garden-style multi-housing community in Lake Oswego, Oregon, a southern suburb of Portland.
HFF marketed the property on behalf of the seller, FPA MultiFamily, LLC. Pacific Urban Residential purchased the asset for $15.5 million and assumed existing debt.
The Mark at Lake Oswego is situated on approximately 6.47 acres at 15000 Davis Lane within 1.4 miles of Interstate 5 and Highway 217, which provide access to downtown Portland and other major regional employers such as Intel and Nike. The community is north of Lake Oswego’s riverfront downtown area and proximate to high-end retail destinations, such as Lake View Village and Bridgeport Village, and nationally top-rated schools. Renovated in 2012, the 95.1-percent-leased property has nine residential buildings encompassing studio, one- and two-bedroom units averaging 903 square feet each. Community amenities include a swimming pool, sundeck, grilling/picnic area, 24-hour fitness center, business center and clubhouse with TV lounge and kitchen area.
The HFF investment sales team representing the seller was led by managing director Ira Virden and associate director Kerry Hughes.
About FPA MultiFamily, LLC: Founded in 1985, FPA MultiFamily, LLC (FPA) is a real estate investment firm utilizing institutional private equity for apartment investments. The firm has transacted on approximately 75,000 apartment units valued in excess of $6 billion and realized investments on more than 260 buildings in excess of 48,000 units for more than $3 billion. FPA and its affiliated management and general contracting companies employ more than 95 professionals and 680 onsite employees who together operate a portfolio of approximately 25,000 apartment units valued at $2.6 billion. The firm is a manager of equity capital for endowments, foundations, foreign and domestic pension funds and high net-worth individuals. Currently, the firm is investing through its FPA Apartment Opportunity Fund V, L.P., which will acquire approximately $1.4 billion of assets. The firm has also been recognized on the National Multifamily Housing Council’s (NMHC) Top 50 Apartment Owners in the United States in 2015. For more information on FPA, please visit www.fpamf.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. The Mark at Lake Oswego is the firm’s second 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.