Thursday, January 31, 2013

HFO Announces $7.8 Million Sale of Springfield Apartment Complex

Portland, OR – HFO Investment Real Estate (HFO) is pleased to announce the sale of the 98-unit Countryside Apartments in Springfield, Oregon for $7.8 million.

Countryside benefits from a strong rental market, good maintenance and a growing population. Demand for housing in the Eugene-Springfield area is increasing due to an expanding economic base.

The recent completion of Sacred Heart at River Bend and an increase in the U of O student population are major economic drivers in the area.  Nearby major employers include Symantec, Royal Caribbean International and Peach Health medical campuses.

Working on behalf of northern-California based owners, HFO was able to attract interest in the property from both regional and local investors through our team’s extensive database of contacts. The property ultimately sold to a Portland-based investment group; an example of HFO’s ability to import investor capital from outside an investment property’s immediate area.

Countryside was attractive to investors because of its strong location, low density, increasing income and the overall strength of the Eugene-Springfield apartment rental market. 

HFO represented the parties in the transaction.