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| Canyon Creek, 26310 SW Canyon Creek Road, Wilsonville, OR |
PORTLAND, OR, May 21, 2015 - Holliday Fenoglio Fowler, L.P.
(HFF) announced today that it has closed the $49.5 million sale of Canyon Creek, a 372-unit, garden-style
multi-housing community in Wilsonville, Oregon.
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| Ira Virden |
HFF marketed the asset on behalf of the seller, a private
investor. Aukum Management LLC purchased
the property for $49.5 million free and clear of existing debt.
Canyon Creek is situated approximately 16 miles south of
downtown Portland on a 29.76-acre site at 26310 SW Canyon Creek Road near major
area highway and public transportation arteries such as Interstate 5 and the
Westside Express Service commuter rail.
The property is 95.7 percent leased and has units averaging
approximately 858 square feet each.
Community amenities include a swimming pool, hot tub, fitness center,
playground, clubhouse and business center.
The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.
“Wilsonville is an extremely supply-constrained submarket,
with an abundance of high-paying, white-collar jobs. Coupled with the ability to enhance value
through implementing a value-add business plan and buying well below
replacement cost, the asset proved to be an attractive offering for investors,”
said Virden.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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