HFO has sold the 82-unit Fountain Villa Apartments in Eugene, Oregon. It has also sold the 64-unit Tall Oaks Apartments in Gladstone, Oregon for $10.15 million. Both assets are considered value-add opportunities by the new owners.
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Tall Oaks (1972 – Gladstone, OR) consists of 64 one- and two-bedroom units with an average of 844 square feet. Property amenities include a swimming pool and clubhouse. The property was in the process of a significant siding replacement project at the time of marketing. The extensive and intrusive construction and the COVID-19 pandemic led to higher vacancy and lower rent collections. HFO worked around those challenges to successfully market the asset for its upside opportunity and potential for value-add.
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Fountain Villa (1974) is 82-units and enjoys an exceptional Eugene location on Coburg Road within walking distance of retail centers anchored by a Market of Choice and Walgreens. Fountain Villa was positioned as a value-add opportunity. HFO’s familiarity with investors looking to place capital in tertiary markets within the Pacific Northwest allowed us to find a strong buyer that could provide certainty of closing in a short time frame. Our expertise in the market enabled HFO to demonstrate the potential upside of the property and help navigate the process of numerous tours and due diligence during the COVID pandemic.
HFO’s Greg Frick, Tyler Johnson, and Rob Marton represented the parties.
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