Garden-Style Multifamily Property Near Portland Acquired for $49.5M
- May 27, 2015
A residential community in the proximity of Portland recently traded hands in a deal worth $49.5 million. Aukum Management LLC acquired the multifamily asset from a private investor, free and clear of existing debt. The transaction was arranged by HFF, led by Managing Director Ira Virden and Associate Director Kerry Hughes. HFF carried out the marketing for the Canyon Creek property, as well.
The asset is located at 26310 SW Canyon Creek Road in Wilsonville, Ore., which is roughly 15 miles away from downtown Portland. Canyon Creek occupies 29.76 acres of land, and offers proximity to Interstate 5 and the Westside Express Service commuter rail, the main transportation lines for the area. Canyon Creek residents have access to an amenity package that includes a swimming pool, hot tub, health center, playground, common clubhouse and resident business center. The garden-style community offers 372 units that were 95.7 percent leased at the time of the transaction. Units at the Canyon Creek residential community have an average size of 858 square feet.
Aukum acquired the property as part of its strategy to gather a portfolio of units in value-add apartment opportunities throughout the Western United States. The company is focusing on markets such as Portland, Denver, Salt Lake City and Phoenix. Its portfolio totals around 3,000 units valued at approximately $400 million.