HFO Investment Secures $58M OR Sale
- Sep 22, 2017
Portland-based commercial real estate brokerage firm, HFO Investment Real Estate secured the sale of Latitude Apartments, a 210-unit community in Happy Valley, Ore. The Reliant Group sold the asset for $58 million to Kennedy Wilson, or for $276,190 per unit.
Proximity to various venues
Latitude comprises 33 three-story buildings, featuring one-, two- and three-bedroom units ranging in size from 646 to 1,565 square feet. The pet-friendly property had an average rental rate of $1,691 as of August. Built in 2007, Latitude offers residents unit amenities such as full-size washer and dryer, air conditioning, ceiling fan, fireplace, patio or balcony and hardwood floor. Common area amenities include:
- resort-style pool
- fitness facility and sports court
- patio with additional storage
- 377 parking spaces
Located at 8411 SE Causey Ave., the community is in close proximity to various shopping, restaurants and entertainment venues, as well as Interstate 205. Walmart, Clackamas Town Center—one of the largest regional malls—and T.J. Maxx are a few miles away.
“Happy Valley is an affluent, educated area with high employment in healthcare, professional services and retail,” HFO partner Cody Hagerman said in a statement. “Latitude Apartments is a great example of well-constructed condo-quality housing that is in exceptionally high demand.”
Images courtesy of HFO