PORTLAND, OR – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $49.5 million sale of Canyon Creek, a 372-unit, garden-style multi-housing community in Wilsonville, Oregon.
HFF marketed the asset on behalf of the seller, a private investor. Aukum Management LLC purchased the property for $49.5 million free and clear of existing debt.
Canyon Creek is situated approximately 16 miles south of downtown Portland on a 29.76-acre site at 26310 SW Canyon Creek Road near major area highway and public transportation arteries such as Interstate 5 and the Westside Express Service commuter rail. The property is 95.7 percent leased and has units averaging approximately 858 square feet each. Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center.
The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.
“Wilsonville is an extremely supply-constrained submarket, with an abundance of high-paying, white-collar jobs. Coupled with the ability to enhance value through implementing a value-add business plan and buying well below replacement cost, the asset proved to be an attractive offering for investors,” said Virden.
About Aukum Management LLC: Aukum Management LLC, Aukum Group LLC, and their subsidiaries and affiliates (together, “Aukum”) are managed by key principals Jason Fuchs and Linton Young. Aukum is a private real estate investment and asset management company focused on value-add apartment opportunities in the western United States. Aukum and its principals have an active portfolio of over 3,000 units, valued at more than $400 million, and is actively acquiring new assets in select western markets, such as Portland, Denver, Salt Lake City, and Phoenix.
About HFF: 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 on Twitter @HFF.