Wednesday, April 25, 2012
Sold! Sequoia Village $4.8 million; Historic Fairmount $4.2 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.
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.