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| Avalon Apartments, 20300 SE Morrison Terrace, Gresham, OR |
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| IRA Virden |
PORTLAND, OR – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Avalon Apartments, a 225-unit,
garden-style multi-housing community in Gresham, Oregon, an eastern suburb of
Portland.
HFF marketed the property
on behalf of the seller, American Capital Group. Jackson Square Properties purchased the asset
for $32.65 million free and clear of debt.
Avalon Apartments is
situated on 10.17 acres at 20300 SE
Morrison Terrace within walking distance of the Ruby Junction/E 197th
Avenue MAX station providing access to downtown Portland.
The property also has easy
access to vehicular arterials including NW Burnside Road and SE Stark Street,
two of Portland’s primary east-west thoroughfares, as well as Interstate 84
that connects travelers to the Portland International Airport and downtown
Portland.
Completed in 2003, Avalon
Apartments has 14 residential buildings housing one- and two-bedroom units
averaging 913 square feet each.
Community amenities include a swimming pool and spa, billiard room,
clubroom, fitness center, tot lot, sport court, assigned covered parking with
each home, and a select number of detached garages.
The HFF investment sales
team was led by managing director Ira
Virden and associate director Kerry
Hughes.
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
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