Vancouver Washington Multifamily Property Sold for $26.7 Million

HFO is pleased to announce the sale of our exclusive Vancouver listing, the 284-unit Prairie View Apartments. Prairie View will be converted to federally subsidized low-income housing. Its new owners will pour $4 million into property upgrades including new windows, siding, appliances, pool equipment, and a dog run.

The complex, built in 1989, has big open grassy fields, and is located near a Starbucks coffee shop and several grocery and restaurant outlets. Prairie View sold for $26,700,000.

Case Study: The Ladd Apartments

Ladd Apartments
SE Portland, OR

Price: $1,750,000
Year Built: 1923
Number of Units: 19
Date Sold: November 15, 2007

Challenges: The seller wanted to achieve a condo conversion price for the property even though condo conversions have all but stopped and existing condo sales have slowed considerably. In addition, the seller wanted to have the transaction close within a very short time period so the sale would be wrapped up before the end of the year.

The Solution: After conducting a thorough analysis of the property and the marketplace we were able to flex every bit of our marketing and relationship muscle to find the most motivated buyers in the market.

Result: Within one week we received multiple offers on the property from highly motivated buyers. HFO was able to leverage these multiple offers and negotiate a closing timeline that fit the seller’s needs -- including non-refundable earnest money. The seller was extremely happy that the property sold at full asking price before the end of the year.