Brooklyn Yard Apartments | 46 Units + Retail

The Property:

Completed in 2016, Brooklyn Yard is a four-story, LEED Platinum certified apartment building in Portland’s close-in Southeast market. The property includes 46 units averaging 595 square feet across studio, one-bedroom and two-bedroom floor plans, each with in-unit laundry. Building features include a solar array, an eco-roof, a community lounge, secure entry, elevator service, bicycle storage and underground garage parking. Moreover, ground-floor commercial space totals 2,007 square feet in two suites. One of these suites is leased to neighborhood coffee and doughnut shop Coco Donuts.

Opportunities and Challenges:

Brooklyn Yard presented a unique transaction. Its cutting-edge architectural design, operational challenges and vacant ground-floor retail space narrowed the field of qualified buyers. HFO recognized early that completing the sale would require identifying a buyer with the experience and financial strength needed. Additionally, the buyer would require the long-term perspective to take on a more complex asset.

Results:

HFO leveraged its relationships throughout the market to identify a large family office looking to expand its West Coast multifamily holdings. The buyer had the experience and capital to address the property’s near-term operational and capital needs. At the same time, they recognized the upside and long-term potential of a newer asset in Portland’s desirable inner Southeast neighborhood. However, the transaction required both parties to work through several issues along the way. HFO remained actively involved throughout, helping the parties navigate those issues and bring the sale to a successful close. Greg Frick of HFO represented the parties.