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.

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’s insight, knowledge of the property purchased was extremely valuable. It was a complicated 1031 exchange and the communication was spot on. I have already referred HFO to others.

Don O., Hillsboro, 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 have brokers calling me all the time. Greg Frick is the only one I’ve talked with who left me feeling smarter after the conversation. I’ve become a loyal client of HFO.

John E., Portland, OR
We had an excellent experience working with HFO – from beginning to end.

David G., Portland, OR
HFO did a great job – they are well connected. I got quality advice from Rob and Cody that wasn’t self-serving.

Dennis C., Spokane Valley, WA
In the representation of my real estate transactions, Greg Frick and HFO were thorough, forward-thinking and understood well the complexities of two special deals. They delivered value both regarding the real estate purchased and the advice provided. I would give HFO my highest recommendation.

Steve S., Portland, OR
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 is an enjoyable experience. They are awesome.

Eric D., Portland, OR
HFO does a terrific job of keeping owners informed. I especially enjoy the roundtables, market updates, and podcasts.

Rachel S., Menlo Park, CA
I get calls from other brokers, but I like the fact that HFO is not high pressure. I also enjoy watching HFO-TV.

Dan D., Portland, OR
For the ninth year in a row, HFO Investment Real Estate is one of Portland's top philanthropic corporations. (2017)

The Portland Business Journal
HFO really knows the Portland area and will be able to find the right deal for you.

David P., Hong Kong
My listing was in a smaller market and HFO did a great job of finding buyers. They also did an excellent job handling all the backroom financials and documents.

Lee S. Keizer, OR

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

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’s insight, knowledge of the property purchased was extremely valuable. It was a complicated 1031 exchange and the communication was spot on. I have already referred HFO to others.

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 have brokers calling me all the time. Greg Frick is the only one I’ve talked with who left me feeling smarter after the conversation. I’ve become a loyal client of HFO.

We had an excellent experience working with HFO – from beginning to end.

HFO did a great job – they are well connected. I got quality advice from Rob and Cody that wasn’t self-serving.

In the representation of my real estate transactions, Greg Frick and HFO were thorough, forward-thinking and understood well the complexities of two special deals. They delivered value both regarding the real estate purchased and the advice provided. I would give HFO my highest recommendation.

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 is an enjoyable experience. They are awesome.

HFO does a terrific job of keeping owners informed. I especially enjoy the roundtables, market updates, and podcasts.

I get calls from other brokers, but I like the fact that HFO is not high pressure. I also enjoy watching HFO-TV.

For the ninth year in a row, HFO Investment Real Estate is one of Portland's top philanthropic corporations. (2017)

HFO really knows the Portland area and will be able to find the right deal for you.

My listing was in a smaller market and HFO did a great job of finding buyers. They also did an excellent job handling all the backroom financials and documents.