Pinnacle Adds 2 Communities to Portland-Area Portfolio
The company will manage Monte Vista at Murray Hill and Cedar Crest, two Beaverton properties totaling 542 units.
By Bogdan Odagescu, Associate Editor
Cedar Crest, Beaverton, Ore.
Beaverton, Ore.—Pinnacle recently announced that it has assumed management services for MonteVista at Murrayhill and Cedar Crest, two Portland-area garden-style communities.
Owned by Vancouver-based Holland Partners, both properties were completed in 1991 and, according to Yardi Matrix data, were acquired in mid-2011 from Equity Residential for a combined price tag of $53.9 million.
Located at 14900 SW. Scholls Ferry Road in Beaverton, MonteVista at Murrayhill is a 288-unit community offering nine different floor plans ranging from 717 to 1126 square feet. The pet-friendly property encompasses 82 one-, 112 two- and 94 three-bedroom units. On-site amenities include a 24-hour fitness center, clubhouse, racquetball court, picnic area, covered parking, hiking/jogging trails, indoor and outdoor pools, playground and spa.
MonteVista at Murrayhill is situated close to Murray Scholls Town Center, Progress Ridge Townsquare and Murrayhill Marketplace, three retail centers offering a plethora of retail and dining options. The 26-building community lies within a dense residential area, 12 miles southwest of downtown Portland and very close to several large Beaverton employment clusters. In addition, the 1.5 million-square-foot Washington Square Mall is located within a 15-minute car ride.
The 254-unit Cedar Crest community is situated at 4800 SW. Mueller Drive, within a 10-minute ride of central Beaverton and many large retail clusters, including the Cedar Hills Crossing and Beaverton Town Square shopping centers. According to Yardi Matrix, the pet-friendly community was previously called Club at the Green, has a current occupancy rate of 94.1 percent and is subject to a $17.1 million CMBS loan placed in mid-2011.
The 14-building Cedar Crest offers 32 one-, 154 two- and 68 three-bedroom units, the four different floor plans ranging from 700 to 1150 square feet. Amenities include covered parking, indoor swimming pool, playground, fitness center and a courtesy patrol service.
Pinnacle’s Oregon portfolio includes 26 other communities under management, including two in Beaverton—the 138-unit Terra at Murrayhill and the 351-unit Sofi at Murrayhill—both owned by Pacific Urban Residential.
Image courtesy of LivingCedarCrest.com
