HFF Strikes Twice in Suburban Portland
- Jul 31, 2015
By Ioana Neamt, Associate Editor
HFF is doubling down on Portland’s multifamily market. The company recently closed the $47.1 million sale of two garden-style apartment communities totaling 368 units in Milwaukie, Ore. to Starwood Capital Group.
An HFF investment sales team led by managing director Ira Virden and associate director Kerry Hughes marketed the properties on behalf of Holland Partner Group. Starwood acquired the two communities—The Bluffs and Miramonte Lodge—free and clear of existing debt.
The 231-unit Miramonte Lodge was purchased by Holland from Lee Construction Co. back in 2006, according to data from Yardi Matrix. The 23-building community totals 164,144 rentable square feet located at 12200 SE McLoughlin Blvd. along Kellogg Creek. The property consists of studio, one- and two-bedroom apartments and features an outdoor pool, barbecue and picnic area, a clubhouse and a pet park.
The Bluffs is a four-building, 137-unit community located at 12601 SE River Road along the Willamette River. The 100,837-square-foot property offers residents studio, one-, two- and three-bedroom floorplans, and includes amenities such as an outdoor pool, sauna, barbecue area, fitness center and resident library. The community, acquired by Holland from Aimco in 2007, is conveniently situated about seven miles south of downtown Portland.
Residents of both The Bluffs and Miramonte Lodge will have direct access to downtown Portland when the new MAX Orange light rail line is completed in September 2015 along Highway 99E.
Images courtesy of Yardi Matrix