HILLSBORO, OR—HFF has closed the sale of and arranged financing for Rock Creek Landing, a 480-unit, class A, garden-style multi-housing community in Hillsboro.
HFF marketed the property on behalf of the seller. An affiliate of Heitman purchased the asset for an undisclosed amount free and clear of existing debt. HFF also worked on behalf of the buyer to secure a $40 million, seven-year loan through a correspondent life insurance company.
Rock Creek Landing is located at 3009 NW Overlook Drive approximately 12 miles northwest of downtown Portland and nearby employers such as Intel, Kaiser Permanente Westside Medical Center and Nike World Headquarters. Situated on approximately 21.4 acres, the property is 95% leased and includes one- and two-bedroom units averaging 899 square feet. Community amenities include a saltwater swimming pool, hot tub, barbecue area, clubhouse and business center.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
