Apartment Complex Trades Hands Near Nike World HQ, Intel Campus
A joint venture between PCCP, LLC and Security Properties recently completed the acquisition of a Beaverton, OR multifamily asset. The purchase was made through Security’s Security Properties Multifamily Fund II, for a total of $39 million. The acquisition is part of a recent shopping spree completed by Security, with eight assets being purchased recently.
By Alex Girda, Associate Editor
A joint venture between PCCP LLC and Security Properties recently completed the acquisition of a Beaverton, Ore., multifamily asset. The $39 million purchase was made through Security’s Security Properties Multifamily Fund II as part of an eight-asset shopping spree.
The Element 170 Apartments is a new, Class A residential community totaling 243 units; leasing began in May 2014, with operations stabilized this January. The Blue MAX Light Rail Station is nearby, offering easy access to downtown Portland, as well as the airport. Nike’s world headquarters and Intel’s Beaverton campus are the two major employers in the area.
Element 170 Apartments rests on a 9.3-acre site and consists of 10 four-story buildings. The property also includes a leasing office/clubhouse and offers residents an amenity package including a pool, fitness center, conference room and tot lot. Upgraded units feature custom cabinetry, in-unit washers and dryers, and nine-foot ceilings, with vaulted ceilings on all top-floor units. Mark Hoyt, senior director of investments at Security Properties, pointed out the community’s strengths and noted that the new owner expects “these factors to contribute to better-than-market revenue growth during our hold period.” Hoyt also noted that Security Properties was able to “structure the purchase contract to lock in the price in the fourth quarter of 2013.”
Image courtesy of element170beaverton.com
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