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Quatama Woods

Quatama Woods

The Property:
The 30-unit Quatama Woods Apartments was a brand-new, high-end apartment complex located in the heart of Hillsboro’s Silicon Forest. The property is just minutes away from Intel’s main corporate campus and a short walk from a MAX light rail park and ride—providing tenants mass transit access to the greater metropolitan area. Opportunities and Challenges:
Unfortunately, the sellers completed this quality asset in early spring 2020—just as the world was locking down due to the coronavirus pandemic. Combined with competition from several hundred newly delivered apartments nearby, a lease-up that should have been completed by summer stretched into fall, and plans to sell the asset appeared in jeopardy. 

When the lease-up process began to stall, HFO advised the sellers to postpone public marketing efforts to prevent the listing from becoming stale. Meanwhile, HFO began making direct phone calls about the opportunity to investment groups we knew were still active in the market – despite economic fallout from COVID-19.

Results:
Using HFO’s vast network of active buyers, we located an experienced California investor who recognized the property’s intrinsic value. The buyer was willing to circumvent the low-occupancy barrier to financing by paying all cash. The buyer received a discount for assuming the lease-up risk; the seller received a competitive price to achieve their own objectives.


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