Monterey Springs

Built: 1990 - 390 Units

The Property:
Monterey Springs is a 390-unit apartment asset located adjacent to Clackamas Town Center in Happy Valley, Oregon. This asset underwent an extensive $5,000,000 renovation—both interior and exterior—prior to sale. 

Challenges:
Due to the extensive renovation and strong rent growth, the asset's value add had been completed prior to the listing and sale of Monterey Springs. HFO Investment Real Estate was challenged to demonstrate to investors that new management and escalating rents in the Portland market enhanced the yield opportunity of the asset.

Results:
HFO's successful national marketing plan, which demonstrated the strength of the Portland market and of Monterey Springs,garnered a number of competing offers. Monterey Springs was marketed unpriced and the asset ultimately closed above the original price targeted by the seller.