PORTLAND, Ore.--(BUSINESS WIRE)--HFO Investment Real Estate (HFO) is pleased to announce recent sale of the 192-unit Avalon Park Apartments in Tigard for $19.65 million. Avalon Park was considered an “Add Value” investment in the strong Westside suburban Portland metro submarket. This low-density, garden-style asset boasted a fully renovated clubhouse in addition to its own private 8-acre riverfront park.
Working on behalf of a San Francisco based institutional owner, Hamilton Zanze and Company, HFO conducted a national search for investors using a Bid/Call-for offers process. In addition to marketing the property nationally, HFO reached out to their extensive proprietary database of private capital investors in the Oregon/Washington market and extended the search to this unique group of investors.
Avalon Park was attractive to investors because of its strong “A” location, low density, increasing income and the overall strength of the Portland apartment rental market. The property captured the attention of national institutional firms, private equity investors and local owners. HFO received a large number of qualified bids representing each of these investor groups.
After the “final and best” offer round and extensive buyer interview process, the strongest buyer and offer for Avalon Park was an experienced, private Oregon-based investor most familiar with the Portland market’s strengths and the opportunities inherent in this asset considering its size and vintage. The new owner, Tandem Development Corporation, has a large portfolio of properties throughout the Portland metro area and Avalon Park is a prime addition to its holdings.
HFO represented the seller in the transaction.
HFO Investment Real Estate is an investment brokerage firm with a focus exclusively on apartment properties in Oregon and Washington and provides a national selling platform with a unique insider’s knowledge of these local apartment markets. This complete attention on apartment investments enables HFO’s clients to make better investment decisions. HFO Investment Real Estate: All Apartments - All the Time(SM). Learn more at www.hfore.com.