HFO Investment Real Estate Closes $27M Sale of Luxury Apartments in Fairview
HFO Investment Real Estate has completed the $27.3 million sale of Fieldstone Luxury Apartments, a 154-unit community at 20650 NE Halsey St. in Fairview, Oregon.
Affordable Housing Associates of Irvine, Calif., sold the property to Benedict Canyon Equities of Los Angeles. The transaction closed at a price of $177,272 per unit. The sale price marks a 30% increase over the $20.8 million the property last traded for in 2015. Tyler Johnson and Cody Hagerman of HFO represented both parties in the transaction.
Built in 1997, Fieldstone spans 16 two- and three-story buildings on 8.23 acres. Units average 993 square feet across one-, two- and three-bedroom floor plans. Fieldstone sits in a federally designated Opportunity Zone within walking distance of TriMet bus service and is a short drive from Wood Village Town Center and the Gresham Station transit center.
“With major employers like Amazon, FedEx Ground, Boeing and Microchip Technology nearby, Fieldstone has a durable demand base,” said Johnson.
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout