SR Watt Acquires Portland Portfolio for $60M
The acquisition of two suburban properties marks the firm’s entry into the multifamily sector.
Westline in Portland, Ore. Image courtesy of JLL
SR Watt Co. has made its move into the multifamily sector with its acquisition of two communities in the suburbs of Portland. The firm acquired Cannery Row in Sherwood, Ore. and Westline in Beaverton, Ore., from Madison Park Financial Corp. for $60 million. JLL’s Ira Virden, Carrie Kahn and Frank Solorzano represented the seller, while SR Watt Co. represented itself in the transaction.
The 101-unit Cannery Row was built in 2013 and includes studio, one-, two- and three-bedroom units that average 840 square feet. The community’s amenities include a resident lounge, fitness center, pet grooming station and community patios. Located at 22550 SW Highland Drive in Sherwood, Cannery Row is next to the Sherwood Saturday Market and near downtown Sherwood’s many retail and restaurant options.
Built in 2017, the 87-unit Westline offers studio, one- and two-bedroom units that average 737 square feet. The community amenities include a pet/bike wash station, fitness center and rooftop deck with barbecue fire pit. Located at 4545 SW Angel Ave. in Beaverton, Westline also includes 2,280 square feet of retail space. Courtney Trujillo, president at SR Watt Co. told Multi-Housing News that both communities are 98 percent occupied.
Expanding multifamily footprint
Trujillo also told MHN that Westline was already fully renovated, but SR Watt Co. would be conducting minor interior upgrades and enhancing resident amenities including adding smart tech and creating separate work-from-home spaces and a technology work bar. The new ownership is also planning to renovate Cannery Row with interior unit and fitness center upgrades, as well as installing a new dog park, outdoor kitchen and social area.
Trujillo said in prepared remarks that the Pacific Northwest was an ideal market for SR Watt Co. to expand its multifamily footprint because of migration population and high-growth employment in a suburban metro area.
“SR Watt’s objective is to expand multifamily ownership in markets where the company currently operates to create a balanced portfolio of core holdings in retail, multifamily, industrial and office,” Trujillo told MHN. “SR Watt’s existing 1.1 million-square-foot portfolio encompasses 363,000 square feet of retail space, 466 units of multifamily and 140,000 square feet of office space in California and Oregon.”
