Printer-friendly version PORTLAND, OR - August 6, 2014 – HFF announced today that it has closed the sale of Highlander Apartments, a 38-unit, multi-housing community in northeast Portland, Oregon.
HFF marketed the property on behalf of the seller, Rael Development Corporation. A privately-held California company purchased the community for $2,975,000 million, or $78,289 per unit.
Highlander Apartments is a garden-style community consisting of 16 one-bedroom units and 22 two-bedroom units that are 100 percent leased. Community amenities include a courtyard, garden views, new flooring and state-of-the-art security cameras. The property is located in Portland’s Centennial neighborhood at 1217 NE 122nd Avenue, which is a little more than half a mile to the nearest MAX station and within blocks of cafes, restaurants, grocery stores, medical facilities, schools and shopping, giving the community an above-average walk score of 63. Highlander Apartments is approximately one mile from Interstate 84 East and a little more than two miles from Interstates 84 West and 205.
The HFF investment sales team was led by associate directors Nick Klein and Tyler Linn.
“We felt that we could push value by creating a competitive marketplace for the Highlander property,” Klein said. “We emphasized the recent capital improvements and strong occupancy in the submarket in order to procure multiple offers from a wide variety of qualified buyers.”
Rael Development Corporation is part of RAELCORP, a multi-faceted real estate company comprised of fully integrated real estate development, investment and management businesses. The company was founded in 1977 and operates the privately-held Rael Development Corporation (development) and RDC U.S. Real Estate Funds (value-add and core investment funds). RAELCORP maintains offices in Newport Beach, California and Dallas, Texas. Learn more at www.raelcorp.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.