MILWAUKIE, OR—Holliday Fenoglio Fowler has sealed a $47.1 million deal for the sale of The Bluffs and Miramonte Lodge, two garden-style apartment communities totaling 368 units in Milwaukie.
Holliday Fenoglio Fowler (HFF) marketed the properties on behalf of Holland Partner Group and its capital partner. Starwood Capital Group purchased the assets free and clear of existing debt.
The Bluffs is a four-building, 137-unit property totaling 100,837 rentable square feet with studio, one-, two- and three-bedroom units. The property is situated on 6.68 acres at 12601 SE River Road along the Willamette River and approximately seven miles south of downtown Portland. Community amenities include an outdoor pool, sauna, barbecue area, fitness center, community room and resident library.
Miramonte Lodge has 231 units totaling 164,144 rentable square feet consisting of studio, one- and two-bedroom floor plans. The 17.46-acre, 23-building property is located at 12200 SE McLoughlin Boulevard along Kellogg Creek, approximately one half of a mile from The Bluffs. The new MAX Orange light rail line, due for completion in September 2015, bisects both assets along Highway 99E providing direct access into downtown Portland. Community amenities include an outdoor pool with sun deck, barbecue and picnic area, fitness center, clubhouse and pet park.
The HFF investment sales team was led by managing director Ira Virden and associate director Kerry Hughes.
Founded in 2000, Holland Partner Group (HPG) based in Vancouver, WA, is a fully-integrated real estate investment company. Starwood Capital Group is a private investment firm with a core focus on global real estate. Headquartered in Greenwich, CT, the firm maintains 12 offices in six countries around the world.
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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.
