HFO Sets Record With OR Sale
- Jun 26, 2017
Portland, Ore.-based HFO Investment Real Estate has arranged the sale of Brentwood Estates Apartments in Springfield, Ore., for $40.5 million. That sum establishes a new record as the largest dollar figure in history for a Springfield multifamily property transaction.
The sale represents a price of $137,288 per unit and $116.34 per square foot.
The biggest multifamily community in Springfield, Brentwood Estates is situated at 317 30th Street and is comprised of 76 two-story buildings spread across nearly 24 acres. Featuring duplex, triplex and fourplex construction, the community offers a total of 295 units constructed in four phases spanning the period from 2004 to 2007.
“Honestly, we didn’t encounter much in terms of obstacles, but probably the largest was the buyer’s concerns over jumping into a smaller secondary market,” HFO partner Rob Marton told MHN. “It’s a natural concern.”
He added the sale benefitted from the product’s uniqueness. “These apartments are large units with attached garages,” he said. “There is nothing else like it in the area.”
Places to play
Brentwood Estates delivers several common-area amenities, including a community clubhouse with fitness center, two large tennis and basketball courts, community room with kitchen and conference room, outdoor children’s play area and leasing office.
Individual apartment homes feature granite countertops, air conditioning, electric fireplaces and private backyard patios.
Brentwood Estates is situated across Main Street from Willamalane Park District’s enormous Bob Keefer Center for Sports and Recreation.
The property was sold by a Portland real estate investment company to a California investment firm that recently sold a large property in Grants Pass, Ore. The buyer, incorporated in Oregon as Countryside Partners Springfield LLC, intends to continue an enhancement program that will yield continued upgrades to apartment units.
In-demand workforce housing
“The Eugene-Springfield area’s quality of life, solid employment base in health care and higher education, and its growth of world-class tech companies is highly attractive to investors seeking a stable, growing market,” Marton said.
“Brentwood Estates is a prime example of well-constructed workforce housing that is in very high demand.”
Previous to the sale of Brentwood Estates, the largest multifamily sale was HFO’s $7.8 million transaction involving the 2013 sales of a 98-unit apartment community in the Gateway area of Springfield.
“Unlike most firms, our 18—soon to be 19—team members work collaboratively on every listing,” Marton said. “It also doesn’t hurt that we have a marketing director who was born and raised in Springfield and our team includes three graduates of the University of Oregon in nearby Eugene. It helps that our team has long-term relationships and our brokers have a thorough knowledge of the area. All these things factored into helping us put the right buyer into the deal.”