HFO Brokers Sale of 225-Unit Gresham Apartments for $37.25 Million

August 23, 2016

HFO Investment Real Estate (HFO) has sold the 225-unit Parkside Apartment Homes in Gresham, Oregon for $37,250,000. HFO’s institutional team was able to execute a national marketing plan for the asset, demonstrating its ability to garner interest in the property from investor groups around the country.

Built in 1999, Parkside Apartment Homes occupies more than 8 1/2 acres adjacent to Gresham’s 32-acre Gradin Community Sports Park. The property is served by Tri-Met and offers renters easy access to nearby major employers and retail amenities.

The latest Industry reports demonstrate Gresham’s strength. The national apartment research firm REIS reports area vacancies at just 1%, leading REIS to forecast rent growth of 8% in east Gresham. “Rent growth throughout the Gresham market continues to match or outperform many areas of Portland,” said HFO partner Tyler Johnson. “As vacancies drop and rents rise, large institutional investors are taking advantage of the value added investments available in the submarket.”

Parkside Apartment Homes was purchased from New York-based KKR by BEF Holdings of Los Angeles, California. The sale represented a price per unit of $165,555 or nearly $183 per square foot. HFO partners Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton represented the seller in the transaction.

We really enjoyed working with HFO on the sale of our Salem property. We felt everything came together well and the follow-up was good. We always felt we knew what was happening. That was very important to us.

E. and J. W., Salem, OR
HFO surpassed our expectations. As general partners in multiple buildings we held for over fifty years, the two of us were experienced in holding properties but inexperienced in selling. There was a mountain of due diligence involved in the sales, but the HFO team was good-natured and professional. We were really pleased from the property valuations to the proposals to the marketing of the buildings. We could not be happier with the results.

M. Hofmann, Portland, OR
In the representation on my real estate transactions, Greg Frick and HFO were thorough, forward thinking and understood well the complexities of two unusual deals. They delivered value both in terms of the real estate purchased and the advice given. I would give HFO my highest recommendation.

S. S., Portland, OR
HFO is a real estate company that is so professional and thorough. Really, you all do such a phenomenal job!

T. C., Portland, OR
I have been buying and selling real estate for twenty-five years. HFO has a support staff that is both competent AND pleasant.

T. E., Chico, CA
For the eighth year in a row, HFO Investment Real Estate is one of Portland's top philanthropic corporations.(2016)

The Portland Business Journal
HFO’s marketing, professionalism, resources for buyers made my transaction go smoothly. What a great group of people to work with.

C. Cach, Portland, OR
HFO found two perfect properties for my exchanges and guided me through the maze of 1031 misery with few delays. HFO's enthusiasm, creativity, and accessibility sets a high standard for anyone in the real estate business. Thanks again HFO!

R. VH., Prescott, AZ
HFO is firmly committed to provide the highest level of service to their clients.

W. Brown - Alamo, CA
HFO dominates the market and has the best knowledge.

T. Scott, Canby, OR
I am such a fan of HFO. HFO is night and day better than the firm we used before and I am 100% loyal to them.

S. Cozzo, San Jose, CA
Working with HFO was a win/win. Communications were great and everyone worked as a team. I give them an A+ because as a woman, sometimes I get slighted by brokers who only want to talk to my husband! HFO treated me with respect.

D. Jondahl, Gresham, OR
I was thrilled with my last purchase and feel that HFO was a big help. The brokers I worked with kept me informed, the team was good with documentation and keeping things moving along. I will definitely be referring others to HFO.

K. Woodard, Fairview, OR
HFO did a great job at keeping me informed and was able to get multiple offers.

L. Trinh, Tukwila, WA
We will continue to use HFO for transactions even though we get calls from others often.

W. & P. S., Portland, OR
Since 2006, HFO has consistently been recognized by CoStar as one of Portland's top Commercial Real Estate Brokerage firms based on transaction volume.

CoStar Group
I interviewed several firms and HFO's presentation was outstanding. During the transaction they were always available and responded quickly. Working with them was a delight. HFO is up-front and on the ball.

J.P. McNutt, Eugene, OR
Working with you was more than a pleasure -- it was a relief! It meant so much to be in the hands of consummate professionals, particularly when things got rocky. Your steady professionalism and optimistic confidence were just what we needed to follow the project through to completion.

H. Donnelly, Portland, Oregon
It was a pleasure working with HFO. Comparing the process to a handful of others we have recently worked through, I can confidently say that your team was the easiest to work with and most flexible, leading to an outstanding outcome and smooth process from start to finish.

M. Sherman, New York, New York
I have been extremely satisfied with HFO from initial notification of listed properties to their informative Apartment Investor Roundtable events. They are very good to work with. I am a customer for life!

C. A., Portland, OR

HFO Brokers Sale of 225-Unit Gresham Apartments for $37.25 Million

We really enjoyed working with HFO on the sale of our Salem property. We felt everything came together well and the follow-up was good. We always felt we knew what was happening. That was very important to us.

In the representation on my real estate transactions, Greg Frick and HFO were thorough, forward thinking and understood well the complexities of two unusual deals. They delivered value both in terms of the real estate purchased and the advice given. I would give HFO my highest recommendation.

HFO is a real estate company that is so professional and thorough. Really, you all do such a phenomenal job!

I have been buying and selling real estate for twenty-five years. HFO has a support staff that is both competent AND pleasant.

For the eighth year in a row, HFO Investment Real Estate is one of Portland's top philanthropic corporations.(2016)

HFO’s marketing, professionalism, resources for buyers made my transaction go smoothly. What a great group of people to work with.

HFO found two perfect properties for my exchanges and guided me through the maze of 1031 misery with few delays. HFO's enthusiasm, creativity, and accessibility sets a high standard for anyone in the real estate business. Thanks again HFO!

HFO is firmly committed to provide the highest level of service to their clients.

HFO dominates the market and has the best knowledge.

I am such a fan of HFO. HFO is night and day better than the firm we used before and I am 100% loyal to them.

Working with HFO was a win/win. Communications were great and everyone worked as a team. I give them an A+ because as a woman, sometimes I get slighted by brokers who only want to talk to my husband! HFO treated me with respect.

I was thrilled with my last purchase and feel that HFO was a big help. The brokers I worked with kept me informed, the team was good with documentation and keeping things moving along. I will definitely be referring others to HFO.

HFO did a great job at keeping me informed and was able to get multiple offers.

We will continue to use HFO for transactions even though we get calls from others often.

Since 2006, HFO has consistently been recognized by CoStar as one of Portland's top Commercial Real Estate Brokerage firms based on transaction volume.

I interviewed several firms and HFO's presentation was outstanding. During the transaction they were always available and responded quickly. Working with them was a delight. HFO is up-front and on the ball.

Working with you was more than a pleasure -- it was a relief! It meant so much to be in the hands of consummate professionals, particularly when things got rocky. Your steady professionalism and optimistic confidence were just what we needed to follow the project through to completion.

It was a pleasure working with HFO. Comparing the process to a handful of others we have recently worked through, I can confidently say that your team was the easiest to work with and most flexible, leading to an outstanding outcome and smooth process from start to finish.

I have been extremely satisfied with HFO from initial notification of listed properties to their informative Apartment Investor Roundtable events. They are very good to work with. I am a customer for life!