HFO Brokers Sale of Townfair Apartments for $31M
- Jun 08, 2016
Portland, Ore.—Local brokerage firm HFO Investment Real Estate has arranged the sale of Townfair Apartments in Gresham, Ore. for $31 million. The buyer is Los Angeles-based BLF Holdings LLC, interested in expanding its portfolio in the submarket.
HFO Investment Real Estate’s partner Tyler Johnson represented the buyer in the transaction; the seller is Tokola Properties of Portland. The sale of Townfair Apartments represented a price per unit of $116,981 or $139.70 per square foot.
Townfair Apartments is a 265-unit residential community that sits on 11.65 acres at 1167 NW Wallula Ave. in Gresham, Ore. The property was built in 1991 and is located within walking distance of shopping and dining venues at Gresham Station and the Civic Drive MAX station. Furthermore, the MAX Light Rail system and the freeway are easily accessible. Amenities include a swimming pool, hot tub and wading pool, fitness center, club house, playground, garages and covered lot. Units feature patios or balconies, carpet, extra storage, walk-in closets and window coverings.
“Townfair’s proximity to shopping, light rail, and downtown Gresham made it an attractive purchase for a major investor group,” stated HFO partner Tyler Johnson. “The Gresham submarket is especially in demand right now among investors because its vacancy rate is among the lowest in the Portland metro area. With little new product being built in the area, market rents have been steadily increasing and investors have clearly taken notice.”
Images courtesy of HFO Investment Real Estate