Pacific Urban Purchases Spyglass Hill Multifamily

BEAVERTON, OR—HFF has closed the sale of Spyglass Hill , a 137-unit, garden-style multifamily community near Portland. Pacific Urban Residential (PUR) purchased the offering for $25.35 million free and clear of existing debt.

Hawthorne Bridge, Portland, OR

HFF marketed the asset exclusively on behalf of Hamilton Zanze . Spyglass Hill is located at 14305 SW Sexton Mountain Drive near major area thoroughfares, including Route 217, Highway 26 and Interstate 5.  The property’s location positions it approximately 11 miles southwest of downtown Portland and near large regional employers such as Nike and Intel .  Spyglass Hill is 97.9% leased and offers a mix of one-, two and three-bedroom units totaling approximately 122,057 rentable square feet.  Community amenities include a swimming pool, hot tub, barbecue/picnic area, fitness center, clubhouse and business center. The HFF investment sales team was led by managing director Ira Virden . “The partnership executed on our business plan for this property and felt that this was an opportune moment to recycle the capital and move on,” said Kurt Houtkooper , chief investment officer at Hamilton Zanze. Founded in 2001, Hamilton Zanze is a private San Francisco-based real estate investment firm focused on the pursuit, acquisition and hands-on management of multifamily housing in the western and southwestern United States. Pacific Urban Residential (PUR) is an industry-leading West Coast apartment investor. Spyglass Hill is the firm’s third Portland-area apartment purchased in recent months and they are eager to expand their portfolio in the region.