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HFO Brokers Multifamily Transactions of Four Apartment Complexes with All-Cash Sales of $8.5 Million

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HFO Brokers Multifamily Transactions of Four Apartment Complexes with All-Cash Sales of $8.5 Million Powered By Docstoc
					HFO Brokers Multifamily Transactions of Four 
Apartment Complexes with All-Cash Sales of $8.5 
Million
Investors Actively Sheltering Funds in Oregon Apartments 

December 15, 2010 03:03 AM Eastern Time  

PORTLAND, Ore.--(EON: Enhanced Online News)--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 is 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.

Contacts
HFO Investment Real Estate
Vice President of Research and Marketing
Aaron Kirk Douglas, 503-241-5541

Permalink: http://eon.businesswire.com/news/eon/20101215005436/en/apartments/investment-property/multifamily

				
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Description: PORTLAND, Ore.--(EON: Enhanced Online News)--HFO Investment Real Estate announces four all-cash apartment building transactions in Oregon totaling $8.5 million.
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