Hillsboro apartments sell for $39.3M

Hillsboro apartments sell for $39.3M

Hillsboro apartment complex The Jones sold for $39.3 million, nearly $204,000 a unit.

The garden-style development at 1099 N.W. Ordonez Place was built and sold by a company affiliated with Arbor Custom Homes. The company, which historically built single-family homes and condos, has made recent a push into for-rent apartment construction to take advantage of a strong rental market.

The project was completed in August and still in the midst of its initial lease-up when the sale closed Sept. 24. According to brokerage CBRE, which represented the seller, it was already 81 percent leased at the time.

Read more at OregonLive.com.