86 Townhome Units in Springfield, Oregon Sold for $10.9 Million

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Oct 12, 2017, 17:14 ET

PORTLAND, Ore., Oct. 12, 2017 /PRNewswire/ -- HFO Investment Real Estate (HFO) announced the sale of the Evergreen Townhouses in east Springfield, Oregon for $10.9 million.

The Evergreen Townhouses consists of 86 townhomes in 43 duplex buildings on individual tax lots on 6.78 acres. The townhomes have an average 976 square feet. Built in two phases in 1993 and 1997, the sale represents the second highest dollar apartment transaction for Lane County this calendar year. (The largest transaction was Springfield's 110-Unit Brentwood Estates, also brokered by HFO.)

Aerial view of Evergreen Townhomes, Springfield, Oregon.

"East Springfield offers peaceful suburban living. Evergreen Townhouses are a low-density development with green space and two playgrounds that give it a park-like feel," said HFO partner Rob Marton. "The area's vacancy rate is extremely low, at about three percent, and Evergreen is a great example of housing ideal for workers of Springfield-Eugene's thriving medical, technology, and education centers."

The seller was Umbrella Properties of Coburg, Oregon and the buyer was a private investor based in Sacramento, California. The sale represents a price per unit of $126,744 per unit or $129.82 per square foot.

HFO specializes in multi-family investment properties and passionately pursues client success through strategic collaboration. The company is known for its ability to attract the largest possible pool of buyers. HFO offers substantial no-cost client services, including complimentary industry-specific events, market news, and original video programming via HFO-TV and Multifamily Marketwatch Podcasts. From its inception, HFO has operated in sharp contrast to most of its industry competitors, using intra-office collaboration to provide service to a wider range of customers, through sales velocity and development of loyal client relationships. Since its founding in Portland in 1999, HFO has been involved in the sale of more than 22,000 apartment units valued at more than $2.3 billion. Build Your Legacy^(sm) with HFO Investment Real Estate. Learn more at www.hfore.com.