PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged financing for Waterline, a newly-built, 243-unit, mid-rise apartment property located along the Willamette River in Portland’s North Pearl District.
HFF marketed the asset exclusively on behalf of the seller, Fore Property Company and its finance partner. Greystar purchased the asset for an undisclosed amount. In addition, HFF worked on behalf of the new owner to place a floating-rate acquisition loan with MetLife.
Waterline is situated on approximately 1.77 acres at 2080 NW Front Avenue near Interstate 405, Highway 30 and numerous retail, dining and entertainment attractions in Portland’s Pearl District and NW 21st/23rd Corridor. Completed in 2015, the property has 1,112 square feet of 100-percent-leased ground floor retail and 243 studio, one- and two-bedroom units averaging 796 square feet each. Residences feature luxury finishes, large floor plans, in-unit washers/dryers, stainless appliances, quartz countertops, European-style cabinetry and views of the iconic Fremont Bridge and Willamette River. Additionally, community amenities include a rooftop deck, community lounge, fitness center, yoga/Pilates studio, community courtyards, pet services and washing station, bike storage and a 268-space controlled access parking garage.
The HFF investment sales team was led by managing director Ira Virden and director Carrie Kahn.
HFF’s debt placement team was led by senior managing director Andy Scott, managing director Charles Halladay and associate director Michael Cosby.
“This is a perfect example of the continued healthy appetite for large, Class A, core product in urban neighborhoods. At the moment, there is a shortage of these investment opportunities across the West Coast due to investor demand outpacing supply,” said Virden.
About Fore Property Company: Fore Property Company (FORE) is a full service, national real estate company that develops, builds and manages residential multifamily housing. With more than three decades of experience, FORE has gained the expertise to identify the right opportunities and markets for its partners and develop high-quality housing for its residents. Since its founding, FORE has secured in excess of $1 billion of debt and equity to support the acquisition and development of approximately 22,000 multifamily units. For more information, please visit www.foreproperty.com
About Greystar: Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and property management of rental housing properties globally. Headquartered in Charleston, South Carolina with offices throughout the United States, Europe, and Latin America, Greystar is the largest operator of apartments in the United States, managing approximately 425,000 units in over 160 markets globally. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $13 billion in gross assets under management, including $5.7 billion of developments underway. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental housing real estate business. To learn more about Greystar, visit www.greystar.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.