Thursday, November 21, 2013
HFO Sells 104-Unit Apartment Property in Vancouver, Washington for $9.1 Million
Using its extensive network of investors, HFO was able to source a buyer who recognized the upside potential of the asset and had the ability to assume the existing debt.
Village on Seventh consists of 13 buildings on nearly six acres in SE Vancouver. Built in 1991, this low-density garden-style asset features unusually large apartment units and offers a long list of renter amenities including fitness center, clubhouse and pool/spa.
The buyer -- FPA -- is a real estate investment firm utilizing institutional private equity for apartment investments. FPA and its affiliated management and general contracting companies has a portfolio of approximately 20,000 apartment units valued at $1.9 billion.
HFO represented the parties in the transaction.