HFO Sells Cedar Estates Portfolio to CA Investor
- Jan 17, 2017
Spokane, Wash.—Portland-based HFO Investment Real Estate recently announced the sale of a pair of multifamily communities located in South Hill, one of Spokane’s oldest residential areas. A private investor in Southern California purchased the Cedar Estates portfolio for $12.45 million, a sale price that represents a price per unit of $76,852 or more than $91 per square foot.
HFO’s Rob Marton, Greg Frick, Cody Hagerman and Tyler Johnson negotiated the sale on behalf of seller PTLA Corporation of Walnut Creek, Calif.
The two rental properties, Cedar Hollow and Cedar Willow, are located within walking distance of each other in an area experiencing significant growth.
“The Spokane market is experiencing significant population growth because of job growth in the health care and education industries,” said HFO partner Rob Marton. “Spokane is also known for its relative low cost of living, which is enticing families and individuals to relocate to the area.”
Located at 5808 South Regal St., the six-building Cedar Hollow community was completed in 1988 and comprises 104 apartment apartments in a mix of one- and two-bedroom units ranging in size from 660 square feet to 1,240 square feet. According to Yardi Matrix, rents here vary between $757 for a one-bedroom and $1,008 for a two-bedroom apartment. Residents have access to common amenities including an outdoor swimming pool, fitness center, and a parking garage for 184 vehicles. The property is currently 98.1 percent occupied.
Cedar Willow was completed in 1990 and is located at 2820 East 53rd Ave. The four-building property is pet-friendly and offers 18 one-bedroom units that rent for $767 per month and 40 two-bedroom units that rent for an average $864 per month. The list of amenities at Cedar Willow includes an outdoor swimming pool, courtyard, fitness center and 98 grade level parking spaces. The property is currently 98.3 percent occupied.