Thursday, February 26, 2015

HFO Arranges Sale of Element 170 to Security Properties of Seattle for $39 Million

In this unique transaction, HFO’s in-depth knowledge of the market and long-term relationships with both the buyer and seller allowed it to facilitate bringing the parties together. This extended transaction remained in contract throughout 16 months of construction and lease-up.

The purchaser, Security Properties of Seattle—in a joint venture with PCCP LLC—recognized the excellent rent growth potential of the asset due to the westside’s strong multifamily fundamentals.

Completed in 2014, Element 170 consists of 10 four-story residential buildings and a leasing office/clubhouse spanning nearly nine and a half acres adjacent to the Elmonica/SW 170th MAX station. The property includes studios, one-, two- and three-bedroom units.

The majority of units at Element 170 are flats ranging in size from 617 to 801 square feet and elevator-served. The property’s leasing office/clubhouse includes a fitness center, picnic tables, barbecues, children’s playground, and outdoor pool. These controlled-access pet-friendly apartments features include washers and dryers, wood blinds, and modern kitchens.

Located midway between Tanasbourne Town Center and Cedar Hills Crossing, Element 170 is surrounded by major employers and commercial services. The Nike World Headquarters, Amberglen and Merlo Station Office Parks are all less than two miles away and house employers including OHSU, Tektronics, IBM and Intel.

The property’s walking path connects to Tualatin Hills Park and Rec’s 60 miles of trails with access to 222-acre Tualatin Hills Nature Park. Element 170 was developed by Metropolitan Land Group. 

HFO represented the parties in the transaction.

Read more about this sale in the Portland Business Journal.