PORTLAND, OR – February 15, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $47 million sale of The Ellington, a 263-unit apartment community in Portland, Oregon.
HFF marketed the asset exclusively on behalf of Guardian Real Estate Services and its capital partner, Broadreach Capital Partners. The Portland Housing Bureau purchased the offering free and clear of existing debt.
The Ellington is situated on approximately 11 acres at 1610 NE 66th Avenue in Northeast Portland’s Madison South neighborhood. The property is adjacent to the historic Rose City Golf Course and less than a mile from the NE 60th Avenue MAX light rail station. The Ellington offers a mix of studio, one-, two- and three-bedroom townhome-style units averaging 842 square feet each.
The HFF investment sales team was led by managing director Ira Virden and director Carrie Kahn.
“We were pleased to work on this with the Portland Housing Bureau on the seller’s behalf so they could fill the large demand for affordable housing in the community,” said Virden. “The Ellington is truly a unique asset in a location that will only grow in demand over time.”
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated 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 on Twitter @HFF.