HFO Brokers Sale of 168-Unit Bend Apartment Community for $23.75 Million in Record Price-Per-Unit Transaction

August 24, 2016

August 24, 2016 (Portland, OR) – HFO Investment Real Estate (HFO) has sold the 168-unit Sienna Pointe apartments in Bend, Oregon for $23,750,000. HFO’s institutional team–which specializes in institutional and major private multifamily investors—successfully brought this unique value-add opportunity in Bend to the attention of investors around the country and demonstrated the property’s upside in a quickly transforming market. The property ultimately sold to a private investor in Louisiana.

According to the Oregon Employment Department, Bend is currently experiencing 6% employment growth -- the fastest of any Oregon metro area. HFO’s institutional team was able to successfully market the property at the national level, setting a price-per-unit record for market rate apartments in the Bend/Redmond MSA.

“Bend is the largest city in central Oregon and is also in Oregon’s fastest-growing County,” said HFO Partner Rob Marton. “Bend is expected to more than double its population in the next fifty years but the city has not changed its urban growth boundary since 1981, leaving very little land for development. It’s not a market that would usually generate a lot of interest with institutional investors, but the extreme market conditions grabbed a lot of investor interest.”

Built in phases between 1990 and 1993, Sienna Pointe apartments occupies nearly 10 acres adjacent to Bend’s 114-acre Pilot Butte Park. Sienna Pointe was purchased from Portland-based Oregon Pacific by a private investor based in New Orleans. The sale represented a price per unit of $141,369 or more than $167 per square foot. HFO partners Cody Hagerman, Greg Frick, Rob Marton and Tyler Johnson represented the seller in the transaction.