Local Developer Ends 25-Year Hold on 164-Unit Oak Hill Apartments

Tokola Properties Inc., which developed and delivered its 164-unit Oak Hill Apartments to the west side of Portland, OR in 1991, has sold the asset. The buyer, Affordable Housing Associates, paid $29 million for the multifamily property, with plans to renovate and reposition it.

Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton with Portland-based HFO Investment Real Estate represented the seller in the transaction. Johnson noted that Oak Hill Apartments, at 15800 N.W. Union Rd., is a value-add property with good upside. “Its Bethany location makes it especially desirable, due to its proximity to downtown Portland,” he commented.

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