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"Meadow Brook place was a unique opportunity where many major exterior components were recently updated, and the units were ready to be taken to the next level."
PORTLAND, OR, January 25, 2023 /24-7PressRelease/ -- HFO Investment Real Estate (HFO) is excited to announce the $38.5 million sale of Meadow Brook Place Apartments, a 154-unit, garden-style, value-add apartment community in Vancouver, Washington.
Even in the challenging lender environment, the HFO team was able to use their vast marketing power to uncover qualified buyers still active in the market, meeting the seller's time frame and exceeding their pricing expectations.
The California-based buyer Aukum Group purchased the property from seller Meadowbrook Place LLC, an entity associated with an Oregon family investor group, which acquired the property in 2006 for $11.4 million.
Meadow Brook Place was built in 1996 in a quaint residential neighborhood near natural areas and is conveniently close to I-205, State Route 500, and Vancouver Plaza, a retail center with retailers including Target and Bed, Bath & Beyond.
The property comprises 17 buildings and includes ample off-street parking, storage space, a rental office, a pool, and a basketball court. Components of the exterior have been updated, including new windows, siding, and roofs. The spacious one-, two-, and three-bedroom apartment interiors are unrenovated, offering the new owner an immediate value-add opportunity.
The HFO broker team facilitating the transaction was led by partners Greg Frick, Tyler Johnson, and Rob Marton.
"Meadow Brook place was a unique opportunity where many of the major exterior components were recently updated, and the units were ready to be taken to the next level," said founding partner Greg Frick. "The central location in Vancouver, Washington, makes it convenient for those working throughout the Portland metro while providing a safe and residential home environment near desirable retail and other local amenities."
The sale capped off a successful year for HFO, contributing to the year-end total of over 2,500 units sold and a sales volume of more than $550 million.
HFO Investment Real Estate is a Portland, Oregon-based commercial real estate brokerage firm with an exclusive focus on apartment properties in Oregon and Washington. Since its founding in 1999, HFO has been involved in the sale of more than 39,700 apartment units valued at over $5.85 billion. The company is consistently recognized by CoStar as a regional Power Broker and is a thought leader in its category with industry-specific events, market news, and original programming via HFO-TV and the weekly Multifamily Marketwatch podcast.
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