Portland, Ore.-based HFO Investment Real Estate has arranged the sale of Brentwood Estates Apartments in Springfield, Ore., for $40.5 million. That sum establishes a new record as the largest dollar figure in history for a Springfield multifamily property transaction.
The sale represents a price of $137,288 per unit and $116.34 per square foot.
The biggest multifamily community in Springfield, Brentwood Estates is situated at 317 30th Street and is comprised of 76 two-story buildings spread across nearly 24 acres. Featuring duplex, triplex and fourplex construction, the community offers a total of 295 units constructed in four phases spanning the period from 2004 to 2007.
“Honestly, we didn’t encounter much in terms of obstacles, but probably the largest was the buyer’s concerns over jumping into a smaller secondary market,” HFO partner Rob Marton told MHN. “It’s a natural concern.”
He added the sale benefitted from the product’s uniqueness.