PORTLAND, Ore., Dec 15, 2010 (BUSINESS WIRE) -- HFO Investment Real Estate, a Northwest apartment real estate investment firm with headquarters in Portland, Ore., has just completed sales of Oregon apartments in separate transactions totaling over $8.5 million. All four deals were completed in cash with no financing.
The 88-unit Willow Creek Apartments in Albany sold for $5,353,300. The sales price represents $60,833 per unit, $73.42 per square foot and a cap rate of 7.30%. Willow Creek is superior construction built in 1999-2000 with large one- and two-bedroom units. The property is located next door to Linn Benton College.
It is consistently full and maintains a waiting list of interested renters. The buyer was in a 1031 exchange and purchased the property with all cash; no financing was necessary.
The 12-unit Bowers Apartments on NW Johnson Street in Portland sold for $1,645,000. The sales price represents $137,083/unit and $148.20 per square foot. Constructed in 1950 at 2401 NW Johnson St., the apartments contain (4) 1-bed 1-bath units, (7) 2-bed 1-bath Townhouses and (1) 3-bed 2-bath unit.
Average rent per square foot is currently $1.18. Amenities include on-site large garages with storage, hardwood floors and period charm throughout. The capitalization rate was 5.40%.
"This was an all cash sale to a new owner involved in a 1031 exchange," HFO Partner Greg Frick said. "The buyer was pleased to acquire vintage apartments in the hottest rental district in the city." The seller was Bowers Apartments LLC and the Buyer was Murray Jenkins I LLC. HFO represented the parties.
A Goose Hollow 5-Plex at SW 14th and Clay Streets sold for $567,300, which represents $113,460 per unit, $96.15 per square foot and a $6.94% cap rate. The seller was Larry Cwik of Portland and the buyer was McCroury LLC. HFO represented both parties in the transaction.
Constructed in 1986, the 5-plex consists of (4) 2-bed 1-bath apartments and 1 studio. The building is convenient to PSU and downtown. Unit amenities include washers/dryers and fireplaces. The cap rate was 6.94%.
19 Apartments in the Springwood Village Condos in Tigard were sold for $1,026,000 or $54,000 per unit. Springwood was built in 1980 and includes a seasonal pool, courtyards, washer-dryer hookups and assigned parking. HFO represented the buyer, Springwood Village LLC of Portland. The seller was Springwood/Milestone LLC of Los Angeles.
About HFO. HFO specializes in the brokerage and sale of multifamily investment property throughout Oregon and Washington. HFO builds wealth and generates cash flow for clients through apartment investment and brokerage services. Learn more at www.hfore.com.
SOURCE: HFO Investment Real Estate CONTACT: HFO Investment Real Estate Vice President of Research and Marketing Aaron Kirk Douglas, 503-241-5541 Copyright Business Wire 2010 -0- KEYWORD: United States
Oregon INDUSTRY KEYWORD: Construction & Property
Commercial Building & Real Estate
Residential Building & Real Estate