Thursday, January 10, 2013

HFF Portland closes out 2012 with three sales totaling $5,018,000



 PORTLAND, OR – HFF announced today that it has closed the sale of three multi-housing properties totaling $5.018 million: Hermitage Apartments in Portland, Oregon and 909 Grove Street and East Sixth Street Apartments in Vancouver, Washington. 

HFF marketed Hermitage Apartments on behalf of the seller, Tall Pine Properties, LLC.  The buyer, CH Montavilla, LLC, purchased the property for $3,875,000.  CH Montavilla LLC is operated by Cumberland Holdings, an investment and asset management company with offices in San Francisco and Rolling Hills Estates, California.  The company currently operates investments in California, Oregon and Washington.

Nick Klein
HFF marketed the Vancouver properties on behalf of the seller, a private investor.  909 Grove Street LLC and East Sixth Street LLC, a Vancouver-based owner, purchased both communities for $575,000 and $569,000 respectively.

 Hermitage Apartments is located at 8110-8136 SE Mill Street in Portland.  The 73-unit property has one- and two- bedroom units averaging 622 square feet each.  Community amenities include a gated swimming pool, laundry facilities and close proximity to retail.

909 Grove Apartments is located at 909 Grove Street in Vancouver, Washington.  The 100 percent leased property has 10 one-bedroom units averaging 700 square feet.  Community and unit amenities include carports, balconies and laundry facilities.

East Sixth Street Apartments is a nine-unit complex located a few blocks from 909 Grove Apartments at 2815 East Sixth Street in Vancouver.  East Sixth features one- and two-bedroom apartments averaging 738 square feet each.  Community amenities at the fully leased property include laundry facilities, covered parking, storage rooms, close proximity to shopping and a “very walkable” ranking on walkscore.com.

The HFF investment sales team representing the sellers and buyers was led by associate directors Tyler Linn and Nick Klein.
  
For a complete copy of the company’s news release, please contact:
  
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com


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