Multi-Housing News: Romano Capital Sells Portland Asset for $31M

March 24, 2023

Romano Capital has sold Westridge Lofts, a 100-unit luxury multifamily community in Camas, Wash., near Portland, Ore. A private investor purchased the property for $31 million. HFO Investment Real Estate brokered the transaction on behalf of the seller.

Completed in 2021, Westridge Lofts is located on a 3-acre site and incorporates studios, one- and two-bedroom floorplans ranging between 483 and 921 square feet. The community offers a fitness center, a business center, a dog park, complimentary coffee bar, assigned resident parking and garage parking, on-site management, package lockers, 24-hour emergency maintenance and controlled access. Unit amenities include washers and dryers, walk-in closets, stainless steel appliances and patios or balconies.

The community is located at 2311 S.E. 192nd Ave. in Camas, a thriving suburb of Portland. Westridge Lofts is close to the intersection of Interstate 205 and Route 14, which provide easy access to the Portland Metropolitan Area. Several dining options, retail centers and entertainment venues are in the property’s proximity.

Despite the overall slowdown, Portland’s multifamily sector remained relatively healthy in 2022, with annual rent growth at a sound 7.2 percent. Last year, developers delivered almost 5,000 units, while an additional 11,628 apartments were underway going into 2023, according to a Yardi Matrix report.

HFO does a great job on the web and email keeping owners posted on the whole political scene.

Richard R., Palm Desert, CA
We do a lot of transactions and sometimes when there is an issue a broker will tell us "it's not my problem." Lee got in there and really helped beyond what was necessary.

Matt K., Manhattan Beach, CA
Great experience over the years, and I will be using HFO in the future.

Joel M.
We had a wonderful experience with HFO - excellent on everything. They are very responsive. Greg did a great job.

Leonard G., Portland, OR
There were many landmines in my transaction, and I am glad to have hired HFO because they handled it well. HFO is the only company my wife and I would recommend.

John E., Mesa, AZ
I like that HFO focuses solely on multifamily and does it really well. I like the blog and appreciate HFO-TV. HFO has the experience and focus to get me the best multifamily deal. I wouldn't use anyone else.

Kenny G., West Linn, OR
HFO is the best boutique real estate brokerage in Portland.

Max S., W. Hollywood, CA
HFO doesn't lead sellers into unrealistic expectations of pricing. They are exceptional and advocate for both buyers and sellers' interest.

Doug R., Reno, NV
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
For the eleventh year in a row, HFO Investment Real Estate is one of Portland's top philanthropic corporations. (2020)

The Portland Business Journal
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
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.

Sue C., San Jose, CA
I appreciated Adam’s responsiveness, experience, and knowledge.

Itzik S., Eugene, OR
Every time I had a problem Todd took care of it. The level of service at HFO is excellent.

Paul H., Lake Oswego, OR
Greg is great. I'm very happy with him, and the whole HFO team.

Leslie M., Pacific Palisades, CA
True professionals with unparalleled degree of expertise in the Portland multifamily space.

Boyd W., Vancouver, WA
Efficient and go-getters. Didn't wait for things to happen, they were active.

John P., Redmond, WA
One of the best firms at seeing a deal from the owner's perspective.

Matt K., El Segundo, CA
I have done 5-6 deals with HFO, and things have gone so well. I use HFO exclusively.

Greg W., Vancouver, WA
My experience with HFO was very, very positive.

Lecia K., San Francisco, CA
Deep knowledge of the market and personal integrity of the brokers sets HFO apart for our family. As someone who spent 40 years in apartment brokerage, I believe HFO is far ahead of its nearest competitor.

Dean M., Fort Denaud, FL
Greg is great, friendly, interesting, timely in calls and checks in regularly. Honesty is #1 and Greg has that going for him.

John N., Portland, OR
Since 2006, HFO has consistently been recognized by CoStar as one of Portland Metro's PowerBrokers based on transaction volume. In March of 2021, HFO once again earned this distinction for the 2020 calendar year.

CoStar Group
HFO is a very well run brokerage and goes above and beyond in providing information to investors. I really like their roundtables, market updates and podcasts.

Rachel S., Menlo Park, CA
HFO is thoroughly professional.

Phil O., Oregon City, OR
HFO is professional, knowledgeable and honest. They get it done.

Michael K., San Francisco, CA

Multi-Housing News: Romano Capital Sells Portland Asset for $31M

HFO Quote

HFO does a great job on the web and email keeping owners posted on the whole political scene.

We do a lot of transactions and sometimes when there is an issue a broker will tell us "it's not my problem." Lee got in there and really helped beyond what was necessary.

Great experience over the years, and I will be using HFO in the future.

We had a wonderful experience with HFO - excellent on everything. They are very responsive. Greg did a great job.

There were many landmines in my transaction, and I am glad to have hired HFO because they handled it well. HFO is the only company my wife and I would recommend.

I like that HFO focuses solely on multifamily and does it really well. I like the blog and appreciate HFO-TV. HFO has the experience and focus to get me the best multifamily deal. I wouldn't use anyone else.

HFO is the best boutique real estate brokerage in Portland.

HFO doesn't lead sellers into unrealistic expectations of pricing. They are exceptional and advocate for both buyers and sellers' interest.

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.

For the eleventh year in a row, HFO Investment Real Estate is one of Portland's top philanthropic corporations. (2020)

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.

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.

I appreciated Adam’s responsiveness, experience, and knowledge.

Every time I had a problem Todd took care of it. The level of service at HFO is excellent.

Greg is great. I'm very happy with him, and the whole HFO team.

True professionals with unparalleled degree of expertise in the Portland multifamily space.

Efficient and go-getters. Didn't wait for things to happen, they were active.

One of the best firms at seeing a deal from the owner's perspective.

I have done 5-6 deals with HFO, and things have gone so well. I use HFO exclusively.

My experience with HFO was very, very positive.

Deep knowledge of the market and personal integrity of the brokers sets HFO apart for our family. As someone who spent 40 years in apartment brokerage, I believe HFO is far ahead of its nearest competitor.

Greg is great, friendly, interesting, timely in calls and checks in regularly. Honesty is #1 and Greg has that going for him.

Since 2006, HFO has consistently been recognized by CoStar as one of Portland Metro's PowerBrokers based on transaction volume. In March of 2021, HFO once again earned this distinction for the 2020 calendar year.

HFO is a very well run brokerage and goes above and beyond in providing information to investors. I really like their roundtables, market updates and podcasts.

HFO is thoroughly professional.

HFO is professional, knowledgeable and honest. They get it done.