PORTLAND, Ore., Jan. 15, 2013 /PRNewswire/ -- HFO Investment Real Estate (HFO) is pleased to announce recent sales of ten non-institutional apartment investment properties totaling more than $18.09 million.
Close-in SE Portland - $4.9 Million and $1.25 Million
HFO's exclusive listing Moreland Place has sold for $4.9 million. Moreland Place is a recently renovated 51-Unit apartment community located near 28th and Powell. This highly desirable property was constructed in 1980 and has seen increasing rents following recent upgrades and was attractive to local investors seeking ongoing upside potential. Moreland Place is an example of HFO's ability to work well with other commercial real estate firms. The seller needed to close by year end. HFO not only went to market with top prospects in its database, but reached out to other brokers. This enabled HFO to find a buyer who was able to meet the seller's tight time frame. HFO's team of apartment transaction experts was able to close 25 days from start to finish. Both the Seller and Buyer achieved their goals: Close by year-end and complete their 1031 tax-free exchange.
The Yamhill Apartments (1970) are a 12-unit close-in SE Portland property near 49th and Belmont that sold for $1.25 million. This superior eastside location includes off-street parking and 2-bedroom units with large floor plans. At the seller's request, HFO worked to identify a buyer most likely to provide a successful, quick sale of the property. HFO utilized its extensive product pricing knowledge to locate buyers actively looking in the market. HFO's marketing strategy enabled us to garner multiple all cash offers with no financing contingency, exceeding the seller's expectations for both timing and price.
N. Portland - $3.83 Million and $1.45 Million
HFO's exclusive listing the Louis York sold for $3.83 million. This 47-unit property was built in 2011. The Louis York is a new, energy-efficient building just two blocks from downtown St. Johns. Louis York presented the unique challenge of being one of the first market-rate apartments in Portland's St Johns neighborhood. A pioneering project for this location, HFO's marketing of the property highlighted its unique qualities. The HFO team successfully uncovered a buyer familiar with the location willing to overcome the unique obstacles of this project.
Also in North Portland, HFO represented the parties in the $1.45 million sale of Bristol Court, a 20-unit property built in 1963 adjacent to 90-acre Pier Park in St. Johns. This unique property features one-story units with full size washers & dryers with white picket-fenced front yards and private backyards. The property had some physical challenges which HFO worked through with the buyer.
SW Portland - $1.635 Million
HFO represented the seller of Capitol Terrace, a 21 unit apartment property in SW Portland near Multnomah Village. This turnkey-professionally managed property offered a good unit mix and included 10 attached garages, but was in need of some capital improvements. Through positioning of the property for sale HFO was able to attract a buyer able to close the sale without financing contingencies and who was looking to invest capital into the project and reposition it. Capitol Terrace sold for $1,635,000 or $77,857 per unit. HFO represented the seller in the transaction.
Vancouver - $1.32 Million
Mountain Oaks, a 20-unit property in SE Vancouver sold for $1.32 million. HFO represented an out-of-state Buyer looking to place 1031 funds into the Northwest Apartment market. HFO'S laser focus on the Apartment Market allowed HFO to provide our client with the most compelling and useful information, allowing the buyer to see hidden attributes of this underperforming asset.
Close-In NE Portland - $1.3 Million
The Timothy Sullivan, a 15-unit multi-family property in NE Portland sold for $1,305,000. HFO's transaction volume and market presence enabled us to provide the seller with executable advice as to the value of the property. HFO uncovered a buyer from our extensive database that was able to seamlessly close the transaction. The seller was not left with empty promises; he achieved his goal of closing the transaction before year end with no reduction of price.
Salem - $880,000
Walnut Hill apartments in Salem consists of 20 fully-occupied units with amenities including covered parking, a pool and spacious private decks. Significant capital improvements to this 1961 property resulted in a sale price of $880,000. Buyer was in a 1031 exchange and required additional time extensions to find a lender who would work with the family trust. The transaction closed with the seller completing a 1031 exchange into another asset also represented by HFO.
Gresham - $835,000
Courtyard at Park Place is a charming 1974 property located near Gresham's Red Sunset Park which sold for $825,000. HFO represented the seller who was self-managing the property with inadequate books and records. HFO's team walked the seller through how to structure and present due diligence material in a manner acceptable to the market. With financial statements supporting the property's story, HFO obtained multiple offers and the property sold quickly.
Beaverton - $690,000
A Beaverton 10-unit sold for $690,000. Located in one of Beaverton's most walkable neighborhoods, the apartment complex included newer windows, roof and exterior paint. When this property was listed with HFO the seller was looking to close the sale before the end of the year while not taking a price reduction. HFO found a buyer that liked the property and, working closely with the HFO transaction management team, was willing and able to speed the property through the due diligence process and close on time and at acceptable pricing.
HFO Investment Real Estate is an investment brokerage firm with a focus exclusively on apartment properties in Oregon and Washington and provides an insider's knowledge of the local apartment market. This complete attention on the apartment investments market enables HFO's clients to make better investment decisions. HFO Investment Real Estate: All Apartments - All the Time(sm). Learn more at http://www.hfore.com.
SOURCE HFO Investment Real Estate