PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $21.75 million sale of The Addison, a 147-unit, garden-style apartment community in Vancouver, Washington.
HFF marketed the property on behalf of the seller, JB Matteson. Jackson Square Properties purchased the asset free and clear of existing debt. HFF had previously secured fixed-rate financing for the property on behalf of the seller in 2011.
The Addison is located at 7531 NE 18th Street less than two miles from Interstate 205 and approximately 14 miles northeast of downtown Portland. Completed in 2009, the property is 99 percent leased and has one-, two- and three-bedroom units. Community amenities include a 24-hour fitness center, tanning bed, barbecue and picnic area, detached garages/carports and access to nearby walking trails and public transit.
The HFF investment sales team representing the seller was led by managing director Ira Virden and associate director Kerry Hughes.
About JB Matteson, Inc.
JB Matteson, Inc. is a 50-year-old, privately-held company engaged in real estate investment and management, with assets throughout the western United States. JB Matteson is in the business of constructing a portfolio of newer Class A multifamily properties located in major metropolitan areas on the West Coast. JB Matteson has invested more than $2 billion in the western United States, and currently manages a portfolio valued at more than $1 billion. For more information, visit www.JBMatteson.com.
About Jackson Square Companies
Jackson Square Properties is a private real estate investment company located in the San Francisco Bay Area that specializes solely in the purchase and ownership of multifamily apartment communities. Founded in 2004, Jackson Square Properties has expanded over the years to own a diverse pool of multifamily assets totaling more than 60 communities with 18,000 units in 10 states and a value in excess of $2.5 billion.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF onTwitter @HFF.