$32.65 million sale of Avalon Apartments in Gresham, Oregon, closed by HFF
PORTLAND, OR – November 11, 2015 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Avalon Apartments, a 225-unit, garden-style multi-housing community in Gresham, Oregon, an eastern suburb of Portland.
HFF marketed the property on behalf of the seller, American Capital Group. Jackson Square Properties purchased the asset for $32.65 million free and clear of debt.
Avalon Apartments is situated on 10.17 acres at 20300 SE Morrison Terrace within walking distance of the Ruby Junction/E 197th Avenue MAX station providing access to downtown Portland. The property also has easy access to vehicular arterials including NW Burnside Road and SE Stark Street, two of Portland’s primary east-west thoroughfares, as well as Interstate 84 that connects travelers to the Portland International Airport and downtown Portland. Completed in 2003, Avalon Apartments has 14 residential buildings housing one- and two-bedroom units averaging 913 square feet each. Community amenities include a swimming pool and spa, billiard room, clubroom, fitness center, tot lot, sport court, assigned covered parking with each home, and a select number of detached garages.
The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.
About Jackson Square Properties
Jackson Square Properties is a private real estate investment company located in the San Francisco Bay Area that specializes solely in the purchase and ownership of multifamily apartment communities. Founded in 2004, Jackson Square Properties has expanded over the years to own a diverse pool of multifamily assets totaling more than 60 communities with 18,000 units in 10 states and a value in excess of $2.5 billion.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.