New 83-Unit Apartment Building in Downtown Trades for $23.45 Million

November 1, 2016

HFO Investment Real Estate (HFO) is pleased to announce the sale of The Cameron, located at SW 12th and Clay in downtown Portland.

Completed in February 2016 by Bremik Construction for Cameron Associates, LLC and MACTRUST, LLC, The Cameron is a brand new eight-story asset located one block from the Portland Streetcar line and three blocks from Portland State University. It offers a mix of studios, one- and two-bedroom units.

HFO partners Cody Hagerman, Tyler Johnson, Rob Marton and Greg Frick represented seller Cameron Associates, LLC in marketing the property nationally.

Due to its downtown core location and its new construction, The Cameron garnered immediate interest from investors throughout the U.S.—especially in California and New York. The property ultimately sold to Grand Peaks Properties of Colorado, which combines innovative development expertise with creative real estate financing and property management.

“The Cameron was designed to appeal to professionals and graduate students looking for an upscale living environment in the heart of downtown Portland. Grand Peaks owns and manages numerous upscale communities in Colorado, Florida, Texas and Washington State,” said HFO partner Cody Hagerman, “and The Cameron is a great addition to their portfolio.” The Cameron was sold during its lease-up and HFO demonstrated the continued demand for well-located housing in the metro area.

The Cameron’s many amenities include a private outdoor sun deck, fitness center, in-unit washers and dryers, air conditioning and ample bike storage.

The sale represents a price per unit of $282,530 or more than $432 per square foot.