Wednesday, December 5, 2018

Sold! 172 Units in NE Portland, Oregon

HFO is pleased to announce the sale of the Binford Garden Townhomes. This unique, 1940s-vintage, low-density community is located near the Rose City Golf Course in SE Portland.

The property offers direct access to Portland’s downtown and eastside neighborhoods. Approximately 80% of the Binford Garden Townhomes are two-story townhomes averaging 1,057 sq. ft. 

The property had been owner-managed for occupancy for more than 35 years. This long-term, owner management required strategic positioning for sale. Binford Gardens had to be marketed using projected operations because costs not associated with the property appeared in historical operations.

The HFO team also helped property owners overcome additional challenges that included its vintage. Unlike most assets of similar age, Binford Garden’s mechanical systems—including heat and electrical systems—were all original. HFO effectively demonstrated the opportunity in rent upside available to a new owner through market-rate management and value-add mechanical updates.