HFF Closes Sale on Multifamily Community Near Oregon State University
- Sep 04, 2012
Portland, Ore.—HFF, a provider of commercial real estate and capital markets services, announced that it has closed the sale for Grand Oaks Apartment Homes, a community near Oregon State University in Corvallis, Ore.
The community, completed in 2002, feature 125 units and 249 beds. The apartments include one-, two- and three-bedroom units, which average 952 square feet.
According to Ira Virden, director, HFF, the community amenities include washers and dryers in each unit and full clubhouse including a fitness center, movie theater and billiard room, as well as “one of the only pools in Covallis.”
Grand Oaks Apartment Homes, which is 99 percent leased, benefits from its convenient location to Oregon State University.
“The property was sold by the original developer and was operated as a market rate property but due to the strength of the Corvallis market, there were 25-40 percent students at any given time,” Virden tells MHN.
HFF marketed Grand Oaks Apartments on behalf of the seller American Capital Group, a privately held developer based in Bellevue, Wash., for $14.5 million. Additionally, HFF arranged a $10.88 million, fixed-fate acquisition loan through Freddie Mac on behalf of Horizon.
“The size and quality of the asset was well received by local investors, national and regional syndicates and large national student groups, Virden says.