Binford Garden Townhomes

The Property:
The Binford Garden Townhomes is a unique, 1940s-vintage, low-density community near Rose City Golf Course in SE Portland. The property offers direct access to Portland’s downtown and eastside neighborhoods. Approximately 80% of the Binford Garden Townhomes are two-story townhomes.  

Opportunities and Challenges:
The property had been owner-managed for more than 35 years, and the owners managed for occupancy. This long-term, owner management required strategic market positioning for sale. Binford Gardens had to be marketed using projected operations due to the fact that costs not associated with the property appeared in historical operations.

HFO helped our clients overcome additional challenges including the property’s vintage. Unlike most assets of similar age, the property’s mechanical systems were all original, including heat and electrical systems.

Results:
HFO was able to effectively demonstrate Binford Garden’s positive upside in rents with market-rate management, and through making value-add and mechanical updates.