Wednesday, December 29, 2010

HFO Announces End-Of-Year Corporate Philanthropic Contributions

At the close of each brokered apartment sale, HFO makes a contribution in honor of our clients to their charity of choice. In addition to thousands of dollars distributed each year to our client’s preferred charities, at the end of each year all HFO Team members pick a charity for an end-of-year contribution.
HFO is pleased to announce that for 2010, in addition to more than 500 hours in volunteer time by team members, HFO donated over $9,000 in cash to the following charities:
  • Audobon Society of Portland
  • Bicycle Transportation Alliance
  • Big Brothers Big Sisters Columbia Northwest
  • Blanchet House
  • Children’s Cancer Association
  • Compassion International
  • Doernbecher Foundation
  • Dougy Center, The
  • Ecumenical Ministries of Oregon
  • Juvenile Diabetes-Oregon Chapter
  • Knight Cancer Institute (OHSU)
  • Metropolitan Family Service
  • Oregon Food Bank
  • Oregon Humane Society
  • Portland Area Theatre Alliance
  • Portland Jewish Academy
  • Raphael House
  • Red Cross of Oregon
  • Salvation Army
  • Southwest Parent Child Collective
  • Sparrows Clubs USA
  • St. Francis Dining Hall
  • Stand For Children
We know you have a choice of brokers and appreciate your business.  Thank you for continuing to help us support the communities in which we do business.

Wednesday, December 22, 2010

Will 2011 Get Better? Multifamily By The Numbers

Jeffrey Lee's cover story for Units Magazine, the National Apartment Association's monthly publication, predicts the US economy will improve in 2011 with GDP growth at around 3%.  It also says to expect "demographic delight" and virtually no new completions. The consensus view seems to be that rents should bounce back strongly in 2011. Witten Advisors predicts rents will increase 4.5% in 2011 as operators become aggressive in raising rents with little fear of losing customers to other housing options. MPF Research predicts occupancy will rise above the 95% mark nationally, up 1 to 1.5%. Click here to read the full article.

Thursday, December 16, 2010

HFO Closes $8.5 Million in all Cash Sales of Oregon Apartment Buildings

HFO Investment Real Estate has just completed sales of Oregon apartments in separate transactions totaling over $8.5 million. All four deals were completed in cash with no financing. Click here to read more.

Tuesday, December 14, 2010

Greg Frick with the HFO Q4 2010 Summary and 2011 Apartment Market Forecast in This Online Video

Greg Frick sums up the year and offers a brief look at the year ahead for the Portland/Vancouver metro area apartment market.

Latest Quarterly Report from the PSU Center for Real Estate

Not surprisingly, the latest report on multifamily from the PSU Center for Real Estate -- issued this week --summarizes low vacancy rates, low construction, and rents that are flat or slightly increasing. The entire report offers an interesting analysis of business taxes among the six Western states (Oregon's are lowest). Highest taxes are in Washington, Nevada and Arizona.
Download the PDF of the Multifamily Report or View the Entire Report.

Thursday, December 9, 2010

Apartment Insurance Cost Fell 6% In 2010, National Multi Housing Council Finds

Apartment firms benefited from lower insurance costs in 2010, according to the National Multi Housing Council.

The mean (nonweighted) average Total Cost of Risk (TCR) decreased by about 6% from 2009 to 2010. (Total Cost of Risk reflects the cost of the three principal components of the insurance premium: property, general liability and workers’ compensation.) The weighted average cost of risk, which is less distorted by very large or very small respondents, dropped by a full 14%.

“Our findings show that it’s a buyers’ market,” commented Jeanne McGlynn Delgado, NMHC’s Vice President of Business and Risk Management Policy. “The momentum of insurance rate decreases accelerated in 2010, following decreases in 2008 and 2009.”  Read More > > >

Sold! Vintage Bricker Apartments in NW Portland Sell for $1,645,000

The 12-unit Bowers Apartments on NW Johnson Street in Portland sold for $1,645,000. The sales price represents $137,083/unit and $148.20 per square foot.

Constructed in 1950 at 2401 NW Johnson St., the apartment complex contains (4) 1-bed 1-bath units (7) 2-bed 1-bath Townhouses and (1) 3-bed 2-bath unit. Average rent per square foot is currently $1.18. Amenities include on-site large garages with storage, hardwood floors and period charm throughout. The capitalization rate was 5.40%,

“This was an all cash sale to a new owner involved in a 1031 exchange,” HFO Partner Greg Frick said. “The buyer was pleased to acquire a vintage apartment complex in the hottest rental district in the city.”
HFO represented the parties.

Thursday, December 2, 2010

Sold! 12 Apartment Units in NW Portland $1,645,000

HFO Investment Real Estate is pleased to announce the sale of the Bowers Apartments, a 12-unit garden style apartment community located Portland, Oregon. The property was built in 1950.  HFO represented the parties in the transaction.

HFO Investor Roundtable Luncheon January 5, 2011 co-sponsored by Chase Bank.

HFO is pleased to announce our bank sponsor for our 2011 events and newsletters - Chase Bank.  Learn more about our upcoming investor roundtable luncheon -- for investors only -- this January 5th, 2011.  Featured speakers are former U.S. Bancorp economist John W. Mitchell and Jeff Passadore of Cambridge Real Estate, property and asset manager of more than 110 rental communities in nine western states. Click here to learn more.