Greystar Sells Portland-Area Community
The 264-unit property in Hillsboro, Ore., is just south of Intel’s massive research and manufacturing campus.
Avana Orenco Station. Image courtesy of Red Studio Inc.
A 264-unit community just south of Intel’s massive campus in Hillsboro, Ore., has changed hands again, with Greystar selling Avana Orenco Station to Jackson Square Properties. Built in 1998, the garden-style property is located at 6710 NE Vinings Way in the suburb west of Portland.
Greystar acquired the asset from Invesco Real Estate in August 2014 for $51 million, according to Yardi Matrix. JLL brokered the most recent sale, with Ira Virden and Carrie Kahn leading the Capital Markets team that represented the seller. The property was purchased free and clear of existing financing, according to a statement.
The community spans 12 residential buildings with a mix of 156 one-bedroom, 100 two-bedroom and eight three-bedroom units averaging 925 square feet. The units feature 9-foot ceilings and full-size washers and dryers. Community amenities include a swimming pool and spa, fitness center, lounge and dog park.
The property has direct frontage along Northeast Cornell Road, within walking distance of Orenco Station on the MAX Light Rail Blue Line, which provides access to downtown Hillsboro and downtown Portland. Retail options including New Seasons Market, Whole Foods and Costco are within easy reach, and the community is less than half a mile south of chipmaker Intel’s research and manufacturing operations in Hillsboro, which employ 20,000 people.
Security Properties purchased Tessera at Orenco Station, a 304-unit community just down the street at 6523 NE Cherry Drive, in a partnership with Pacific Life Insurance Co. last September. Holland Partners sold the asset for $85 million.
