Wednesday, April 25, 2012

Sold! Sequoia Village $4.8 million; Historic Fairmount $4.2 million

HFO Investment Real Estate is pleased to announce the sale of The Historic Fairmount Inn in Northwest Portland for $4.2 million, the 6th Avenue West Apartments in Beaverton for $1.15 million, 10 Beaverton Townhomes for $1.26 million and Oak Place Apartments in Hillsboro for $1.7 million. In addition, HFO co-brokered with Grubb and Ellis the sale of Sequoia Village in Happy Valley for $4.8 million.

Sequoia Village consists of 58 apartments, including 36 units which are partially completed. The all-cash sale of $4.8 million includes 9.54 acres of land with room for an additional 174 units. Completed units include full size washers/dryers, private decks and patios, cherry/maple wood cabinets, granite and tile counters, and fire suppression sprinklers; some units include attached garages. The seller was IMV 12 CSY Village LLC and the buyer was J&R Causey Village of Portland. HFO Investment Real Estate and David Hill of Grubb & Ellis represented the seller. This sale offered an investor the opportunity to complete a pre-planned project in a tight apartment market.

The Historic Fairmount Inn was built in 1904 and is the last surviving structure originally built for the 1905 Lewis & Clark Centennial Exposition.  The Fairmount was home to wealthy visitors who journeyed to Portland to enjoy the extravaganza.  This landmark property is listed on the National Register of Historic Places and consists of 79 apartment units refurbished with period style doors, light fixtures and ceiling fans. The seller was Historic Fairmount LLC; the property sold for $4.2 million to a local Portland preservationist who plans to keep the property as close to period as possible.

HFO represented parties to the sale of three west side properties: 6th Avenue West, a 16-unit apartment community constructed in 1967 and 10 Beaverton Townhomes, both centrally located in Beaverton.  The Beaverton townhomes sold for $126,000 per unit and feature condo-quality construction and large 1,500 square foot floor plans.  The 33-unit Oak Place in downtown Hillsboro was constructed in 1964 and sold for $1.7 million.

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