PORTLAND, OR - August 28, 2014 – HFF announced today that it has closed the sale of Seneca Village Apartments, a Class A, 264-unit multi-housing community in Hillsboro, Oregon.
HFF marketed the property on behalf of an institutional client of Invesco Real Estate. Greystar Real Estate Partners purchased the community for an undisclosed amount.
Seneca Village Apartments consists of 12 apartment buildings containing 156 one-bedroom units, 100 two-bedroom units and 8 three-bedroom units. Community amenities include a swimming pool and hot tub, barbecue area, clubhouse, business center, covered parking and detached garages. The property is situated on 11.8 acres at 6710 NE Vinings Way, which is considered to be the “Silicon Forest,” named for its proximity to tech companies Intel, Sales Force, TriQuint, Geetch and Oracle. The property is 14.7 miles west of downtown Portland and within a five-mile walk to two neighborhood shopping centers. It is a half mile away from the Orenco/NW 231st Avenue MAX Light Rail Station that connects to downtown Portland and the Portland International Airport.
The HFF investment sales team was led by director Ira Virden and associate director Kerry Hughes.
“The ability to buy late 1990’s construction with nine-foot ceilings, and close proximity to high-paying tech jobs is extremely rare in Portland,” Virden said. “Seneca Village will benefit from the new construction in Orenco Station, and by implementing a value-add business plan, it will continue to be an extremely strong performer.”
Established in 1983, Invesco Real Estate manages $61.5 billion of real estate investments, which includes $34.7 billion in direct real estate portfolios and $26.8 billion in real estate securities (as of June 30, 2014). Invesco Real Estate has more than 389 employees in 20 offices through the U.S., Europe and Asia. The group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for 24 years, contributing to the consistent implementation of Invesco’s investment strategy. Additional information is available at invescorealestate.com.
Greystar Real Estate Partners is a fully integrated real estate company offering expertise in investment management, development, and property management of residential properties globally. Headquartered in Charleston, South Carolina, with offices in the United States, United Kingdom and Mexico, Greystar is the largest operator of apartments in the United States, managing approximately 385,000 units in more than 135 markets. Greystar also has a robust institutional investment management platform with more than $8.4 billion in assets under management including $2.4 billion of developments underway. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental residential real estate business. To learn more about Greystar, visit www.greystar.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.