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The Property:
Theory 33 is a class A property located in SE Portland’s popular close-in Division Street corridor. The property was completed in 2018 and benefited from a fantastic location and superior finishes and aesthetics.

Opportunities and Challenges:
The onset of Covid-19 has created many changes in the multifamily market. It has complicated the inspections and appraisal process and made procuring or assuming debt more difficult. With everything going on in the market, continuous communication, and a meticulous eye on due diligence were more critical than ever before.

HFO marketed Theory 33 by reaching out to our vast network of active qualified principals, including several investors who were new to the Portland area. The ultimate buyer understood the asset’s inherent opportunities. Despite the difficulties surrounding the new market and financing environment, HFO utilized its significant market knowledge to educate all potential investors of this opportunity in the close-in SE Portland submarket. HFO was able to meet the differing expectations of a qualified investor and the stringent requirements of a developer/seller who was participating in a 1031 exchange.

HFO Quote