86 Townhome Units in Springfield, Oregon Sold for $10.9 Million

October 12, 2017

HFO Investment Real Estate (HFO) announced the sale of the Evergreen Townhouses in east Springfield, Oregon for $10.9 million.

The Evergreen Townhouses consists of 86 townhomes in 43 duplex buildings on individual tax lots on 6.78 acres. The townhomes have an average 976 square feet. Built in two phases in 1993 and 1997, the sale represents the second highest dollar apartment transaction for Lane County this calendar year. (The largest transaction was Springfield’s 110-Unit Brentwood Estates, also brokered by HFO.)

“East Springfield offers peaceful suburban living. Evergreen Townhouses are a low-density development with green space and two playgrounds that give it a park-like feel,” said HFO partner Rob Marton.  “The area’s vacancy rate is extremely low, at about three percent, and Evergreen is a great example of housing ideal for workers of Springfield-Eugene’s thriving medical, technology, and education centers.”

The seller was Umbrella Properties of Coburg, Oregon and the buyer was a private investor based in Sacramento, California. The sale represents a price per unit of $126,744 per unit or $129.82 per square foot.