 |
| Nick Klein |
PORTLAND, OR – HFF announced 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.
 |
| 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.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
No comments:
Post a Comment