HFO Investment Sells $15M Oregon Community
Mactrust LLC acquired the community for $15.2 million, or $90.719 per unit. The buyer plans to continue making improvements to the property, which is located close to an array of green spaces, retail and schools.
Riverwood Apartments and Townhomes
HFO Investment Real Estate, a Portland, Ore.-based commercial real estate brokerage firm, secured the sale of Riverwood Apartments and Townhomes in Grand Pass, Ore. Camelot 16 LLC of Chico, Calif, an investor group looking to reinvest in a larger asset, sold the buildings for $15.2 million, or $90,719 per unit, to Mactrust LLC.
Situated on more than 10 acres, the property was completed in stages between 1989 and 1992. Riverwood Apartments and Townhomes features 28 buildings, which comprise 136 units, 30 townhomes and one single-family residence. Community amenities include a 24-hour emergency on-call maintenance, basketball half-court, barbecue grills and picnic areas, bike paths and a fitness center.
Located at 1625 SE N St., the community is close to a variety of schools, shopping and parks. It offers access to downtown and Interstate 5. The property is also walking distance to Grants Pass Museum of Art, Rogue River Access, Rogue Theater, public transportation, George H. Eckstein Park and the Rogue Valley International Airport. Furthermore, the community is also pet friendly.
Mactrust LLC is planning to continue making improvements to the buildings. At the beginning of the year, HFO Investment sold Cedar Estates Portfolio for $12.5 million.
Image courtesy of Riverwood Communities
