HFO Investment Real Estate has brokered the sale of two communities totaling 369 units in Portland, for a combined $91.3 million.
After acquiring Carillon Apartment Homes in Woodland Hills, Calif., for $93 million earlier this year, MG Properties Group paid $60.5 million for Westview Heights, a 197-unit multifamily asset in Portland’s Rock Creek submarket. According to Yardi Matrix data, Sares-Regis Group sold the property, which was 97 percent occupied at the time of the transaction. The sale was subject to a $34.5 million load held by Freddie Mac and originated by CBRE Capital Markets.
Located at 18301 NW Chemeketa Lane, in the city’s Bethany neighborhood, Westview Heights is within walking distance of dining venues and close to Portland Community College Rock Creek. Nearby Highway 26 offers easy access to downtown Portland, which is 14 miles east of the property.
Originally built as condominiums in 2002, each apartment is a separate living environment with private entrances, direct-entry garages, private deck and washer/dryers. The two- and three bedroom units average 1,448 square feet and are spread across 46 buildings.
Desirable community
Binford Garden Townhomes, located at 6905 NE Hancock St. in the Madison South submarket, was acquired by a private California investor for $30.8 million. Completed in 1949, the 172-unit community has been owner-managed for more than 35-years. According to Yardi Matrix data, the sale was subject to a $17.9 million Fannie Mae loan originated by Berkeley Point Capital. The asset was 97.1 percent occupied at the time of the transaction.
Binford Gardens is a low-density community with access to Portland’s downtown and east-side neighborhoods. The property’s one-, two- and three-bedroom units range from 775 to 1,200 square feet and are spread across 15 two-story buildings. Common area amenities include a swimming pool and two laundry facilities.
“This type of property is very rare for the Portland metro area and the Pacific Northwest. No land sites of a similar size have been available this close to downtown Portland. A community with a density of seventeen units per acre could never profitably be built today,” HFO partner Greg Frick said, in prepared remarks.
Image courtesy of HFO Investment Real Estate
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