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The Property:
Silverwood is a 163-unit community in Gresham, Oregon. The asset was built in 1993 by a well-known local developer. The unit mix is primarily two-bedroom 2-bathroom floor plans, and the overall average unit size is 985 sq ft. Each unit has washer/dryers, a master suite with a private bathroom, and a deck or patio with storage. There is an on-site leasing office.

Opportunities and Challenges:
Silverwood was a 100% value-add property, a rarity in the Portland area. All of the apartments were in classic condition with few updates. The property did not charge for utilities (RUBs). Rents trailed the market by more than $150 per unit, and the asset had challenging management and historical operations.

HFO’s knowledge of local owners and national investors was vital in placing this asset under contract. HFO used its experience and expertise working with an investor to demonstrate the outstanding upside potential at Silverwood in brokering a successful sale.

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