Downtown Portland Community Sells for $23M
- Nov 01, 2016
Portland, Ore.—HFO Investment Real Estate announced the sale of The Cameron, an 83-unit community located in downtown Portland. Grand Peaks Properties of Colorado acquired the property from Cameron Associates LLC for roughly $23.5 million.
The new eight-story asset was completed in February 2016 by Bremik Construction for Cameron Associates and Mactrust LLC. HFO Partners Cody Hagerman, Tyler Johnson, Rob Marton and Greg Frick represented the seller.
“The Cameron was designed to appeal to professionals and graduate students looking for an upscale living environment in the heart of downtown Portland. Grand Peaks owns and manages numerous upscale communities in Colorado, Florida, Texas and Washington State,” HFO Partner Cody Hagerman said in a prepared statement, “and The Cameron is a great addition to their portfolio.” The asset was sold during its lease-up, HFO demonstrating the continued demand for well-located housing in the metro area.
The Cameron is sited at 1500 SW 12th Ave., one block from the Portland Streetcar line and three blocks from Portland State University. The community offers a mix of studios, one- and two-bedroom floorplans averaging 644 square feet. Common area amenities include a private outdoor sun deck, fitness center and bike room. Unit amenities include hardwood flooring, stainless steel appliances, in-unit washers & dryers and dishwashers.
Images courtesy of HFO