PORTLAND, OR — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently arranged the sale of the Hidden Creek Apartments, a 135-unit, class B, apartment building in Oregon City, a suburb of Portland, Oregon.
On behalf of ARA’s, Portland-based office, Gail Neuburg and Ira Virden represented the seller in the transaction. The seller, Aspen Square Management, is a national real estate owner and operator. The buyer, FPA Multifamily, owns and operates properties throughout the United States, primarily in the western half of the country.
The property sold for $10,000,000, or $74,075 per unit, at a 6.71% CAP. Built in two phases, 1994 and 2004, the property contains 135 apartments, 118,140 net rentable square feet with an average unit size of 875 square feet. The unit interiors include, spacious kitchens, full-size washers and dryers (or hook-ups), ample closet space and private patios or balconies. At the time of the sale, Hidden Creek Apartments were 98% occupied.
When discussing the sale, Ira Virden reported that, “Hidden Creek presents an ideal opportunity to own a newer property in a severely supply constrained submarket of Portland. There have been fewer than 250 units permitted in the last 10 years in Oregon City.”
“With the asset adjacent to the community college and frontage on Highway 213, it presented a very attractive investment opportunity” said Virden.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Ira Virden, at ivirden@ARAusa.com or 503.575.9553.
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, distressed, affordable, seniors, student, manufactured housing, note sales and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $6.3 billion in real estate transactions since 2003. For detailed information on ARA’s extensive multihousing investment services, visit www.ARAusa.com