Finance Articles

HFO Investment Real Estate Brokers Sale of Four Oregon Apartment Complexes

Portland, OR (PRWEB) May 31, 2007 -- The real estate investment firm of Hagerman, Frick O'Brien (HFO), LLC recently arranged sales of the 56-unit Westfal Apartments, the 67-unit Emerald Pointe Apartments, the 13-unit Sorrento Court Apartments, and the 39-unit Courtyard Terrace apartments.

The Emerald Pointe Apartments, located at 1122 NE Kelly Avenue in Gresham, sold to an out-of-state buyer for $5,030,000. This multifamily project was built in three phases between 1999 and 2003, and consists of (21) 2-bedroom 1-bath townhouses of approx. 880 square feet; (7) 2-bedroom 1-bath flats of approx. 800 sq. ft.; (17) 1-bedroom 1-bath apartments of approx. 670 sq. ft; (20) studios of approx 650 sq. ft. and (2) studios of approx 460 sq. ft. The sale represented $102 per square foot or $75,075 per unit. Rents ranged from $594-$764. Brokers Cody Hagerman, Greg Frick and Timothy O'Brien handled the transaction.

The Westfal Apartments, located at 1880 SW 5th Avenue in downtown Portland sold for $4,200,000. Built in 1910, the multifamily project is made up of (53) 1-bedroom 1-bath units averaging 562 square feet and (3) 2-bedroom 1-bath units averaging 800 square feet. The property had two commercial spaces totaling 3,700 square feet. The overall property comprises approximately 43,240 square feet with the sale price representing $97.13 per square foot or $72,414 per unit. Rents for the apartments at time of sale ranged from $495-$695. Cody Hagerman, Greg Frick and Timothy O'Brien handled the transaction.

The Sorrento Court Apartments, located at 2250 NE Flanders Street in Portland, sold as a condo conversion project for $1,925,000. This 1931 multifamily project consists of (13) 2-bedroom 1-bath townhouse-style apartments ranging from 983 to 1,062 sq. ft. Rents at the time of sale ranged from $765 to $955. The sale represented a price of $111 per square foot or $148,077 per unit. Brokers Cody Hagerman, Greg Frick and Timothy O'Brien handled the transaction.

The 39-unit Courtyard Terrace Apartments, located at 2401 Wayside Terrace NE in Salem, sold for $1,750,000. This 1971 apartment complex consists of (38) 2-bedroom 1-bath apartments of approximately 858 sq. ft. and one 1-bedroom 1-bath apartment of 650 square feet. All units had been remodeled and upgraded since 2004 and rents ranged from $450-$475 at the time of sale. This sale represented a price of $52.63 per square foot or $44,872 per unit. Brokers Cody Hagerman, Greg Frick and Timothy O'Brien handled the transaction.

About HFO
HFO specializes in the sale of apartment properties throughout Oregon and Washington. Using cutting edge resources, HFO helps clients find dynamic investments and offers an insider's knowledge of the local market. It is HFO's mission to create wealth for its clients by providing extraordinary service, forging mutually beneficial, long-term relationships. Learn more www.hfore.com.

Contact: Aaron Kirk Douglas, Marketing Director
503.241.5541 Hagerman Frick O'Brien LLC

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