Sale of 228-unit Seasons at Farmington Reserve in Bend Sets County Transaction Record

August 14, 2018

HFO Investment Real Estate is pleased to announce the sale of Seasons at Farmington Reserve. This brand new luxury construction in Bend’s severely constrained rental market was sold for $45.5 million or $199,561 per unit. The property offers resort-style amenities just minutes from skiing, rock climbing, and entertainment and shopping in downtown Bend. The sale price was the highest sale on record for Bend and all of Deschutes County.

“With just five thousand apartments and a population of more than ninety-one thousand, an apartment rental remains extremely challenging for a renter to find,” said HFO Partner Rob Marton. “Bend didn’t add any land at all to its urban growth boundary from 1981 to 2016,” said Marton, “which has left the apartment vacancy rate near zero for many years.”

In 2016 the city added 2,380 acres to the growth boundary but reserved 50% for schools and parks. New development is expensive and very limited.

Seasons at Farmington Reserve is in Bend’s SE Old Farm District with easy access to year-round outdoor recreation. The property itself offers resort style amenities including an outdoor BBQ, 24-hour fitness center, a dog park, a heated seasonal pool, indoor and outdoor lounges, and an outdoor fire pit. Units are spacious and offer tenants the latest designer trends and amenities.

Although it is located in a tertiary market, HFO was able to effectively market the property to a national pool of institutional investors. The property was sold by a prominent Oregon-based owner/developer to an investment group from out of state.

HFO Quote

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

Leslie M., Pacific Palisades, CA
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
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
Great experience over the years, and I will be using HFO in the future.

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

Itzik S., Eugene, OR
True professionals with unparalleled degree of expertise in the Portland multifamily space.

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

Paul H., Lake Oswego, OR
I have done 5-6 deals with HFO, and things have gone so well. I use HFO exclusively.

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

Richard R., Palm Desert, CA
One of the best firms at seeing a deal from the owner's perspective.

Matt K., El Segundo, CA
We had a wonderful experience with HFO - excellent on everything. They are very responsive. Greg did a great job.

Leonard G., Portland, 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
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
HFO is thoroughly professional.

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

John P., Redmond, WA
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
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 professional, knowledgeable and honest. They get it done.

Michael K., San Francisco, 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

Sale of 228-unit Seasons at Farmington Reserve in Bend Sets County Transaction Record

HFO Quote

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.

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

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.

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)

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

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

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

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.

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

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

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.

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

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

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

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.

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

HFO is thoroughly professional.

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.

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

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.

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 professional, knowledgeable and honest. They get it done.

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.