TODAY’S DEALS: HFO Brokers Apt. Sale at 6% Cap, Busted Condo Sale at $50K/Unit
Portland, Ore.--HFO Investment Real Estate oversees $31.625 and $6.2M sales, and Charles Dunn closes on an $8.5M sale.
Portland, Ore.–HFO Investment Real Estate, a Northwest real estate investment firm, arranged the sale of Russellville Commons, a 283-unit mass transit-oriented apartment property in Portland’s Gateway area for $31,625,000. HFO also represented the buyer of 124 condos at The Village Condos in Gresham for $6.2 million.
Russellville Commons was built in 1999 and covers 3.2 acres of land. The two-story garden-style apartment complex consists of 157 one-bed-one-bath, 35 two-bed-one-bath, 61 two-bed-two-bath style units, plus 30 three-bed-two-bath townhouses. The sale price of $31,625,000 represents $111,749 per unit.
“This property sold to an out-of-state institutional investor looking to get a foothold in the Portland market. The investor liked this property in particular because it was less than 10 years old and by far one of the nicest close-in eastside complexes in the area. This was a transaction where the timing was perfect for both buyer and seller. The buyer paid a 6 percent cap rate for the property and secured a Fannie Mae loan,” says HFO Partner Cody Hagerman.
HFO represented buyer, NB The Village at Gresham LLC, in the bulk purchase of 124 of 148 total units in The Village Condos. The low-density condos were built in 1975 on nearly 13 acres in Gresham approximately 14 miles from Portland city center.
HFO’s Hagerman says, “The buyer picked up this property, a busted condo-conversion project, with a plan to buy back the existing 24 condos and operate it in the future as a residential apartment complex.”
The bulk sale of two-story garden-style units consisted of 124 two-bed-one-bath units ranging from 829 to 865 square feet. The sale price of $6,200,000 represents $50,000 per unit.
Charles Dunn closes $8.5M sale on Sunset Blvd.
Los Angeles– Hamid Soroudi of Charles Dunn Company’s West Los Angeles office closed on the sale of a 24,258-square-foot multifamily property located at 16070 W. Sunset Blvd. for $8.5 million.
Soroudi represented the buyer, Xenon Investment Corp. The broker of the seller, Acron II (Los Angeles) Partners, was not disclosed. Soroudi says the property has not closed yet, but that the buyer has agreed to pay commission prior to closing.