HFO Brokers Sale of 162-Unit Apartment Portfolio in Spokane Washington for $12.45 Million

January 12, 2017

HFO Investment Real Estate (HFO) is pleased to announce the portfolio sale of 104-Unit Cedar Hollow and 58-Unit Cedar Willow in Spokane, Washington.

Completed in 1988 and 1990, Cedar Hollow and Cedar Willow are located within three blocks of each other in the South Hill region of Spokane, an area experiencing significant growth.

HFO partners Cody Hagerman, Tyler Johnson, Rob Marton and Greg Frick represented seller PTLA Corporation of Walnut Creek, California. The property sold to a private individual investor in Southern California.

“Cedar Hollow and Cedar Willow’s desirable location and demonstrated rent growth offered the new buyer an excellent opportunity to acquire a significant number of units in the Spokane market and to reduce management costs due to their proximity. Both properties feature courtyard construction centered around landscaped green space and pool.

“The Spokane market is experiencing significant population growth because of job growth in the health care and education industries,” said HFO partner Cody Hagerman. “Spokane is also known for its relative low cost of living, which is enticing families and individuals to relocate to the area.”

The sale represents a price per unit of $76,852 or more than $91 per square foot.

HFO Quote

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

Boyd W., Vancouver, WA
I appreciated Adam’s responsiveness, experience, and knowledge.

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

Greg W., Vancouver, WA
Every time I had a problem Todd took care of it. The level of service at HFO is excellent.

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

The Portland Business Journal
One of the best firms at seeing a deal from the owner's perspective.

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

Joel M.
HFO is the best boutique real estate brokerage in Portland.

Max S., W. Hollywood, CA
HFO does a great job on the web and email keeping owners posted on the whole political scene.

Richard R., Palm Desert, CA
HFO is thoroughly professional.

Phil O., Oregon City, OR
We had a wonderful experience with HFO - excellent on everything. They are very responsive. Greg did a great job.

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

John P., Redmond, WA
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
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
My experience with HFO was very, very positive.

Lecia K., San Francisco, CA
HFO is professional, knowledgeable and honest. They get it done.

Michael K., San Francisco, CA
Greg is great. I'm very happy with him, and the whole HFO team.

Leslie M., Pacific Palisades, CA
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

HFO Brokers Sale of 162-Unit Apartment Portfolio in Spokane Washington for $12.45 Million

HFO Quote

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.

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

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

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

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

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.

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

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

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.

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.

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.

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.

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

HFO is the best boutique real estate brokerage in Portland.

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

HFO is thoroughly professional.

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

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

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

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

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.

My experience with HFO was very, very positive.

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

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

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.