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.
The HFF investment sales team was led by director Ira Virden, senior managing director and co-head of multi-housing investment sales, Sean Deasy, and senior real estate analyst Kerry Hughes.
HFF's debt placement team was led by senior managing director Eric Tupler and managing director Tom Wilson.
Heitman, founded in 1966 and headquartered in Chicago, manages more than $30 billion in assets invested directly and indirectly in real estate in North America, Europe and Asia-Pacific.
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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.
