Monday, January 14, 2013

Sold! 51 Units in Close-In SE Portland $4.9M

HFO’s exclusive listing Moreland Place has sold for $4.9 million.  Moreland Place is a recently renovated 51-Unit apartment community located near 28th and Powell. This highly desirable property was constructed in 1980 and has seen increasing rents following recent upgrades and was attractive to local investors seeking ongoing upside potential. 

Moreland Place is an example of HFO’s ability to work well with other commercial real estate firms.  The seller needed to close by year end.  HFO not only went to market with top prospects in its database, but reached out to other brokers. This enabled HFO to find a buyer who was able to meet the seller’s tight time frame. HFO’s team of apartment transaction experts was able to close 25 days from start to finish.  Both the Seller and Buyer achieved their goals: Close by year-end and complete their 1031 tax-free exchange.