197-Unit Apartment Building in Portland, Oregon Sells for $60.5 Million

December 5, 2018

Westview HeightsHFO Investment Real Estate (HFO) is pleased to announce the recent sale of Westview Heights in Portland located in the exclusive Bethany area. 

Westview Heights’ was sold by its prior owner for $60.5 million or $307,107 per unit. The property offers numerous amenities including a fitness center and a seasonal outdoor pool. Unit amenities include garages, private covered decks, and spacious living areas with gas fireplaces. Originally built as condominiums, each apartment is a separate living environment with private entrances, direct-entry garages, private deck, and large living spaces. The 7.55-acre property has tree-lined streets and welcoming pathways. The community is just one hour from the coast and 20 minutes from downtown Portland. It’s also convenient to major employers including Intel and Nike.

Much of Washington County’s land is outside the Urban Growth Boundary (UGB) and cannot be developed. Westview Heights is located directly adjacent to the UGB. 

“Washington County has the lowest unemployment rate in the Portland metro area. More than a third of full-time workers earn more than a hundred thousand dollars a year, and there is not enough housing to go around,” said HFO Partner Tyler Johnson. “With fewer than 3,000 apartment permits issued in Washington County for all of 2017 and continued business expansion and population growth, demand for housing will significantly outpace development for the foreseeable future.”

The seller was SRG Chemeketa Lane Portland, LP and the buyer was Gleiberman Investments Inc. of San Diego, California, who is adding the asset to their extensive portfolio of properties in the Pacific Northwest.