Bend apartment complex sells for $49.5 million

By: 91视频 Staff//August 8, 2022//

Bend apartment complex sells for $49.5 million

91视频 Staff//August 8, 2022//

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Sienna Pointe Apartments, a 168-unit property, is near Pilot Butte Neighborhood Park (background, right) in Bend. (courtesy of HFO Investment Real Estate)

Seattle-based Security Properties has purchased the 168-unit Sienna Pointe Apartments in Bend for $49.5 million.

Portland-based commercial real estate brokerage firm HFO Investment Real Estate represented the seller, Bend Housing LLC, in the transaction.

The class B, low-density asset was built in 1991 and recently updated, according to HFO. Sienna Pointe is located at 1855 N.E. Lotus Drive, between Pilot Butte Neighborhood Park and St. Charles Medical Center.

HFO partner Rob Marton represented Bend Housing LLC, in the sale.

HFO聽previously brokered the sale of the property in 2016 for $23.75 million ($141,369 per unit). That was the highest per-unit sale price of a property in Bend at that time.

Nick Santangelo of CBRE Capital Markets’ Debt and Structured Finance in Portland secured $31.4 million in financing — a seven-year, fixed-rate, full-term, interest-only loan through CBRE Multifamily Capital — for Security Properties.

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