PORTLAND, OR – November 7, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Sunfield Lakes, a 200-unit, garden-style apartment community in the southwest Portland suburb of Sherwood, Oregon.
HFF marketed the asset exclusively on behalf of the Berkshire Group. Brookline Investment Group purchased the offering free and clear of existing debt.
Sunfield Lakes is located at 16100 SW Century Drive in the rapidly-growing suburb of Sherwood, less than three miles west of the renowned Willamette Valley wine country and approximately 15 miles southwest of Portland’s central business district. The property provides an easy commute to the Portland market’s major economic drivers, such as the Tualatin/Sherwood industrial hub, Legacy Meridian Park Medical Center, LAM Research Corporation and the Wilsonville submarket. Sunfield Lakes offers a mix of one-, two- and three-bedroom floor plans averaging 1,024 square feet each and community amenities, including an outdoor pool, hot tub, 24-hour fitness center, lounge and business center.
The HFF investment sales team was led by managing director Ira Virden and director Carrie Kahn.
“Sunfield Lakes is an attractive, long-term investment opportunity located in a supply-constrained submarket with strong demographics that support future rent growth,” Kahn said. “The units are larger than average, and the expansive common area space positions it well for a value-add program that will further enhance its appeal in the market.”
About Berkshire Group
Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The company has experience in disciplines, including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of June 30, 2016, Berkshire Group had approximately $7.2 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshire-group.com.
About Brookline Investment Group
Brookline Investment Group (Brookline) invests and operates income properties in target markets across the United States. Since its founding in mid-2013, Brookline has acquired approximately 3,000 apartment units. A family office based out of Southern California, Brookline is able to close quickly with completely discretionary capital. Brookline is targeting core, value-add and opportunistic acquisitions of multifamily and commercial properties.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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 on Twitter @HFF.