Portland, Ore.—HFF recently announced that it has secured the $47 million sale of The Ellington, a 263-unit apartment community in Portland, Ore.. Managing Director Ira Virden and Director Carrie Kahn led the company’s investment sales team.
The community is situated on 11 acres and offers a mix of studio, one-, two- and three-bedroom units featuring amenities such as a laundry facility, free Wi-Fi and 200 parking spaces. According to Yardi Matrix, the apartment community is partially affordable. The property was 35.8 percent occupied as of January 2017 and is also pet friendly.
The Ellington is located at 1610 NE 66th Ave., in northeast Portland’s Madison South neighborhood–adjacent to the historic Rose City Golf Course and less than a mile from the NE 60th Ave. MAX light rail station.
HFF closed the deal on behalf of Guardian Real Estate Services and its capital partner, Broadreach Capital Partners. The Portland Housing Bureau purchased the offering free and clear of existing debt.
Image courtesy of Yardi Matrix