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172-unit Binford Garden Townhomes in Portland Trades for $30.8 million

August 14, 2018

HFO Investment Real Estate (HFO) announces the sale of the Binford Garden Townhomes in Portland for $30.8 million.

Binford TownhomesBinford Garden Townhomes is a unique, 1940s-vintage, low-density community with an outstanding location near the Rose City Golf Course. The property has access to Portland’s downtown and eastside neighborhoods. Approximately 80% of the asset’s total units are two-story townhome apartments with an average of 1,057 square feet. Its 172 units span 9.7 acres in 18 residential and 1 common area buildings. 

Owner-managed for more than 35-years, the Binford Garden Townhomes’ required that HFO strategically position the property. Some of Binford Garden’s mechanical systems were original with limited updating, and the property was self-managed.

“This type of property is very rare for the Portland metro area and the Pacific Northwest,” said HFO partner Greg Frick. “No land sites of a similar size have been available this close to downtown Portland. A community with a density of seventeen units per acre could never profitably be built today. Binford Garden’s landscaping is particularly remarkable, and every apartment features a wall of windows with a view of its private, manicured courtyards.” 

In marketing the asset, HFO was able to effectively demonstrate Binford Garden’s positive upside and its ability to meet the needs of today’s demanding renter pool through a series of updates. “The new owner plans to make needed improvements,” said Frick. “Allowing new owners to take advantage of current features like hardwood floors and its tranquil setting while enhancing some amenities to meet market demand.”

The property was sold by a long-time Oregon family to an investment group from out of state. 

HFO Quote