Fieldstone Luxury Apartments

Built: 1990 - 192 Units

The Property & Challenges:
The Fieldstone Luxury Apartments is an outstanding 154-unit apartment asset. At the time of sale, the property faced several market challenges. The property suffered from a lack of substantial upgrades and the fact that it had been managed for occupancy rather than income. There was also the possibility that investors would be unwilling to consider a property located in a secondary submarket

Results:
HFO had consulted with the property owner for a number of years, and advised him that selling now in a current active market cycle would be to his advantage based on his circumstances.

HFO’s in-depth knowledge of the market allowed us to educate the prospective buyers on the nuances of the properties operations,  locational benefits, and upside potential.

HFO collaborative and strategic approach, combined with national market reach, generated offers from over 15 pre-qualified investors. The seller was able to close the transaction with a buyer out of California that set a record price per-square-foot for the Fairview market. Fieldstone Luxury Apartments sold for $20,800,000 or $135,064 per unit and $136 per square foot.