TUALATIN, OR-Hedges Creek, a 408-unit garden-style apartment development here has changed hands for $55 million, according to county property records. Monadnick Property Trust of Englewood, CO sold the 10-year-old property to SVF Hedges Creek Tualatin LLC, which is controlled by a commingled fund of American Realty Advisors, a Glendale, CA-based investment advisor.
Located across Southwest Tualatin Road from the Tualatin Country Club, the 339,144-sf (net rentable) property includes 19 buildings. Units average 831 sf. Amenities include a clubhouse, fitness center, pool, picnic area, covered parking garage and a walking bridge to retail shops.
""We have a positive outlook for Class-A multifamily communities located in the West Portland submarket and believe that this property has the potential to command the highest rents in the submarket," said ARA president/CEO Stanley Iezman.
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