Pinnacle Adds 2 Communities to Portland-Area Portfolio
- Nov 01, 2016
By Bogdan Odagescu, Associate Editor
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