Happy Valley apartment complex sells for $51.25 million

By: Lee Fehrenbacher//May 14, 2014//

Happy Valley apartment complex sells for $51.25 million

Lee Fehrenbacher//May 14, 2014//

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HFO Investment Real Estate recently brokered the sale of the 390-unit Monterey Springs Apartments, at 8640 S.E. Causey Ave. in Happy Valley, for $51.25 million. The 23-building complex was constructed on 12 acres in about 1998, and then completely remodeled between 2008 and 2011 to include high-end finishes and amenities such as granite countertops, wood floors and fireplaces. Rob Marton, an HFO partner, said the property presented a value-add investment opportunity in a market with few competitors.

“The area is up and coming, and it’s actually a really strong rental market,” he said. “And there’s a small percentage of properties out there that can tap into the higher-profile renters.”

The complex garnered the interest of Danville, Calif.-based Green Leaf Partners, which according to public records, purchased the property from Fort Wayne, Ind.-based Equity Investment Group.

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