Willowbrook Apartments

The Property:
Willowbrook Apartments is a broken condo property. Only 38 of the original condos were sold after completion in 1980, and the remaining 112 were purchased by the seller from the bank.

Opportunities and Challenges:
Willowbrook is a unique, low-density site located immediately adjacent to Nike world headquarters. Its outstanding location and long-term ownership resulted in an exceptional value-add opportunity. The property had been managed for occupancy and had limited capital improvements. Rents at the property were below market.

Results:
HFO was able to lean on our team’s extensive 160 years of collective experience in multifamily brokerage  to complete one of the most complicated transactions ever handled by our office. We tapped our vast network of investors and located similarly experienced buyers who understood the many complexities of the deal. We worked closely with the buyers to work through the property’s broken condo rules (and lack of rules) to get the transaction across the finish line. The property’s new owners plan to update units and increase rents to market rate.