HFO Investment Real Estate has arranged the sale of Fieldstone Luxury Apartments, a 154-unit multifamily community in Fairview, Oregon, for $27.3 million. The property, located at 20650 NE Halsey St., traded between institutional owners in a transaction that underscores continued investor interest in stabilized suburban rental housing. The community carries a luxury positioning and consists of multiple low-rise residential buildings on a landscaped site.
The seller, Affordable Housing Associates of Irvine, Calif., transferred the asset to Benedict Canyon Equities, based in Los Angeles. At the closing price, the deal equates to $177,272 per unit. The property last sold in 2015 for $20.8 million, and the latest transaction represents a 30% increase in value over that prior trade. Tyler Johnson and Cody Hagerman of HFO Investment Real Estate represented both the buyer and the seller in the sale.
Fieldstone was built in 1997 and is composed of 16 two- and three-story residential buildings situated on 8.23 acres. The community offers a mix of one-, two- and three-bedroom floor plans with an average unit size of 993 square feet. The scale of the site and the distribution of buildings contribute to a traditional garden-style multifamily layout, which remains a common format for 1990s-vintage suburban apartment properties.
The property is located within a federally designated Opportunity Zone, providing potential tax advantages to qualifying investors who meet program requirements. Fieldstone is within walking distance of TriMet bus service, offering residents public transit connectivity, and is a short drive from both Wood Village Town Center and the Gresham Station transit center. This combination of transit access and proximity to retail and services supports the community’s positioning within the local rental market.
According to Johnson, nearby employment anchors include Amazon, FedEx Ground, Boeing and Microchip Technology, which together help support a durable renter demand base for the asset. The presence of these employers in the surrounding area contributes to steady housing needs for workers across a range of income levels and job types. For Benedict Canyon Equities, the acquisition adds a 1990s-vintage, suburban multifamily asset in an established employment corridor to its portfolio.
The Fieldstone transaction highlights how institutional buyers remain active for well-located multifamily communities with stable occupancy drivers and transit access. In addition, the combination of Opportunity Zone designation, proximity to major employers and demonstrated price appreciation since the prior sale positions the asset as a long-term hold candidate for the new owner, while providing a clear benchmark for multifamily pricing in Fairview.
