BEF Holdings Makes $37M Metro Portland Pickup

The sale represented a price per unit of $165,555, almost $183 per square foot.
Parkside Apartment Homes

Parkside Apartment Homes

Portland, Ore.—After executing a national marketing plan for the 225-unit Parkside Apartment Homes in Gresham, Ore., HFO Investment Real Estate brokered the sale of the asset for $37.3 million. The property was sold by New York-based KKR to BEF Holdings of Los Angeles, Calif.

Tyler Johnson and Cody Hagerman, HFO partners, represented the seller in the transaction. “Rent growth throughout the Gresham market continues to match or outperform many areas of Portland,” said Tyler Johnson. “As vacancies drop and rents rise, large institutional investors are taking advantage of the value added investments available in the submarket.”

Parkside Apartment Homes was built in 1999 on more than 8 acres adjacent to Gresham’s 32-acre Gradin Community Sports Park. It offers one- to three-bedroom floor plans and a set of amenities that include a swimming pool, spa, fitness center, a new playground, clubhouse, picnic area and parking.

Image courtesy of HFO