$47.1 million sale of 2 garden-style apartment communities in Milwaukie, Oregon, closed by HFF
PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $47.1 million sale of The Bluffs and Miramonte Lodge, two garden-style apartment communities totaling 368 units in Milwaukie, Oregon.
HFF marketed the properties on behalf of Holland Partner Group and its capital partner. Starwood Capital Group purchased the assets free and clear of existing debt.
The Bluffs is a four-building, 137-unit property totaling 100,837 rentable square feet with studio, one-, two- and three-bedroom units. The property is situated on 6.68 acres at 12601 SE River Road along the Willamette River and approximately seven miles south of downtown Portland. Community amenities include an outdoor pool, sauna, barbecue area, fitness center, community room and resident library.
Miramonte Lodge has 231 units totaling 164,144 rentable square feet consisting of studio, one- and two-bedroom floor plans. The 17.46-acre, 23-building property is located at 12200 SE McLoughlin Boulevard along Kellogg Creek, approximately one half of a mile from The Bluffs. The new MAX Orange light rail line, due for completion in September 2015, bisects both assets along Highway 99E providing direct access into downtown Portland. Community amenities include an outdoor pool with sun deck, barbecue and picnic area, fitness center, clubhouse and pet park.
The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.
About Holland Partner Group
Founded in 2000, Holland Partner Group (HPG) based in Vancouver, Washington, is a fully-integrated real estate investment company. Current assets under management and development represent approximately $5 billion in 25,000 apartment homes located in the western United States’ most sought after markets. The company accomplishes its investment objectives in strategic alignment with its capital partners through its five integrated operating companies, including development, construction, acquisition, redevelopment and management. HPG’s combined business volume in 2014 exceeded $1 billion.
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a core focus on global real estate. Headquartered in Greenwich, Connecticut, the firm maintains 12 offices in six countries around the world and currently has more than 1,300 employees. Starwood Capital Group has raised more than $31 billion of equity capital since its inception in 1991, and currently manages over $44 billion in assets. The firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk-reward dynamics to be evolving. For more than two decades, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises around real estate portfolios in both the private and public markets. Additional information can be found at starwoodcapital.com.
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.