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A Seattle-based real estate investment company recently closed on a $39 million Beaverton multifamily purchase 16 months in the making.

HFO Investment Real Estate announced Thursday the sale of the recently-completed, 243-unit, Element 170 apartment complex on nine and a half acres adjacent to the Elmonica/S.W. 170th MAX station.

鈥淚’ve been here for nine years, and I don’t think I’ve ever seen anything sell before it was built,鈥� said Aaron Douglas, marketing director for HFO. 鈥淚t had a lot to do with timing, and the buyer recognized the rent growth potential in the area.鈥�

The buyer 鈥� Security Properties 鈥� began working with project developer Metropolitan Land Group before construction began, Douglas said. HFO has worked with both the buyer and seller for years, which 鈥渁llowed it to bring the parties together鈥� during the extended contract time, he said.

鈥淚t was presold before it was complete and was in contract for 16 months,鈥� he said. 鈥淭he buyer had the contract written so that the transaction wouldn’t close until construction was finished, and there was a certain amount of lease-up.鈥�

There are 10 four-story residential buildings and a leasing office/clubhouse in the Element 170 apartment complex. Other amenities include picnic areas with barbecues, a playground and an outdoor pool. The apartments are a mix of studios, one-, two- and three-bedroom units.