Tuesday, September 4, 2012

HFF closes sale and arranges financing for multi-housing community near Oregon State University


PORTLAND, OR – HFF announced today that it has closed the sale of and arranged financing for Grand Oaks Apartment Homes (top left photo), a 125-unit/249-bed multi-housing community near Oregon State University in Corvallis, Oregon.

HFF marketed the property on behalf of the seller, American Capital Group. Horizon Realty Advisors purchased Grand Oaks Apartment Homes for $14.5 million. HFF also arranged a $10.875 million, fixed-rate acquisition loan through Freddie Mac on behalf of Horizon.

Grand Oaks Apartments is located at 6300 SW Grand Oaks Drive west of the campus in Corvallis. Completed in 2002, the 99 percent leased property has one-, two- and three-bedroom units averaging 952 square feet each. Community amenities include a clubhouse, fitness center, pool and spa, playground and covered parking.

The HFF investment sales team representing American Capital Group was led by managing director Brian Kelly (middle right photo) and director Ira Virden (lower left photo).

HFF’s debt placement team representing Horizon Realty Advisors was led by managing directors Tom Wilson and David Bleiweiss.

"Grand Oaks offered investors the opportunity to purchase an exceptional community in a very high barrier to entry university market,” said Kelly.

“The size and quality of the asset was well received by local investors, national and regional syndicates, and large national student groups,” added Virden.

American Capital Group is a premier, privately-held developer/builder based in Bellevue, Washington.

Horizon Realty Advisors (HRA) is a real estate company engaged in investing and management of conventional multi-family and student housing apartment communities.

Contacts:

BRIAN KELLY
HFF Managing Director
(312) 980-3605
bkelly@hfflp.com

IRA VIRDEN
HFF Director
(503) 224-0444
ivirden@hfflp.com

KRISTEN MURPHY
HFF Associate Director, Marketing
(713) 852-3500
krmurphy@hfflp.com





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