Garden-Style Portland Community Trades for $34M
- Dec 17, 2019
JLL has closed the $34.1 million sale of Terra Murrayhill, a 137-unit community in Beaverton, Ore. According to Yardi Matrix data, Pacific Urban Residential is the former owner of the asset. JLL Capital Markets Senior Managing Director Ira Virden and Senior Director Carrie Kahn acted on behalf of the seller, while buyer DB Capital Management was represented by the company’s Vice President – Northwest Region Daniel Terranova.
In October, Virden arranged joint venture equity for the construction of a 232-unit property in Portland’s South Waterfront neighborhood. Block 40 is being built at 3838 SW Macadam Ave., roughly 12 miles from Terra Murrayhill.
Located at 14305 SW Sexton Mountain Drive, Terra Murrayhill is close to major tech employers within what is locally known as the “Silicon Forest.” Spanning across 9 acres, the garden-style community is near the Beaverton Transit Center, which provides easy access to downtown Portland, Hillsboro, Ore., and the Portland International Airport.
Built in 1985, the 15-building community includes a mix of one-, two- and three-bedroom units averaging 891 square feet. Recently, the property underwent a $3 million renovation program that included the restoration of the clubhouse. Terra Murrayhill also features outdoor pool, grilling area, fitness center, business center, dog park and detached garages. As of October, the property was 93.5 percent occupied, per Yardi Matrix.
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