HFO Brokers Sale of 72-Unit Multifamily Community in Portland

February 8, 2023

PORTLAND, Ore. (February 8, 2023) – HFO Investment Real Estate (HFO) is pleased to announce the sale of 72-unit Connery Place apartments for $11.5 million. The property was sold by a California family office and purchased by a local nonprofit.

"Despite challenging market conditions, the HFO team was able to use our strong presence and relationships to identify potential buyers still engaged in the market, helping the nonprofit buyer secure a property that meets their mission statement while keeping pace with the seller's schedule and pricing expectations," said Greg Frick, HFO founding partner.

The property, built in 1977 in the highly desirable Montavilla neighborhood of Portland, offers renters a unique combination of convenience and community, as it is located near retail, parks, and community services.

The property includes 19 one-bedroom units and 53 two-bedroom units, some of which have been renovated with modern upgrades such as resurfaced counters, new cabinets, vinyl plank flooring, stainless appliances, and stainless fixtures. The potential for further renovation of the remaining classic units and below-market rent presents the new owner with immediate value-add opportunity and investment upside.

Residents of the complex enjoy a variety of community amenities, including a pool with an adjacent community lounge area, bike storage, onsite laundry facilities, and a secured, off-street parking lot with 72 open spaces.

Located near Portland Community College, the complex is surrounded by family-friendly shops, popular restaurants and cafes, and a historic movie theater, making it an ideal place to call home.

"[College Housing Northwest] appreciates HFO's work on our behalf to help acquire this apartment less than a block from PCC Southeast campus creating the opportunity to provide more affordable housing for college students," the buyer said.

This sale marks another successful transaction for HFO, the Pacific Northwest’s largest multifamily-focused commercial brokerage firm.

About HFO

HFO Investment Real Estate is a Portland, Oregon-based commercial real estate brokerage firm with an exclusive focus on apartment properties in Oregon and Washington. The company is consistently recognized by CoStar as a regional Power Broker and is a thought leader in its category with industry-specific events, market news, and original programming via HFO-TV and the weekly Multifamily Marketwatch podcast. Learn more at www.hfore.com.

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HFO Quote

HFO is the best boutique real estate brokerage in Portland.

Max S., W. Hollywood, CA
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
HFO is thoroughly professional.

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

John P., Redmond, WA
I appreciated Adam’s responsiveness, experience, and knowledge.

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

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

Leonard G., Portland, OR
Great experience over the years, and I will be using HFO in the future.

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

Boyd W., Vancouver, WA
HFO is professional, knowledgeable and honest. They get it done.

Michael K., San Francisco, CA
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
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
My experience with HFO was very, very positive.

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

Greg W., Vancouver, WA
HFO does a great job on the web and email keeping owners posted on the whole political scene.

Richard R., Palm Desert, CA
Greg is great. I'm very happy with him, and the whole HFO team.

Leslie M., Pacific Palisades, CA

HFO Brokers Sale of 72-Unit Multifamily Community in Portland

HFO Quote

HFO is the best boutique real estate brokerage in Portland.

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.

HFO is thoroughly professional.

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.

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

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

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.

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.

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

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.

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.

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.

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.

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

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

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

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

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

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.

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

My experience with HFO was very, very positive.

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.

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

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

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