Suburban Portland Community Finds New Owner
- Nov 16, 2015
A 225-unit apartment community has recently changed ownership in the Portland suburb of Gresham, Ore.
Working on behalf of American Capital Group, HFF managed to secure the $32.6 million sale of Avalon Apartments, a 10.17-acre, 14-building property completed in 2003. The buyer, a joint venture between Jackson Square Properties and Friedkin Realty Group, purchased the asset free and clear of debt. According to data collected by Yardi Matrix, the deal was also subject to a $29.2 million Fannie Mae loan due in 2017. An HFF investment sales team led by Managing Director Ira Virden and Associate Director Kerry Hughes represented the seller in the transaction.
Located at 20300 SE Morrison Terrace, Avalon Apartments incorporates 225 studio, one- and two-bedroom units averaging 913 square feet each. Amenities include a swimming pool and spa, fitness center, billiard room, clubroom, sport court, covered parking, and high-speed Internet access.
The garden-style community offers residents easy access to downtown Portland and the Portland International Airport due to its proximity to NW Burnside Road and SE Stark Street—two of Portland’s primary thoroughfares—as well as Interstate 84 and the Ruby Junction/E 197th Avenue MAX station.
Photo courtesy of Yardi Matrix