Portland-Area Apartments Command $84M
- Nov 01, 2018
Security Properties has acquired Arbor Creek, a 440-unit, Class-B garden-style apartment community located in Beaverton, Ore. for $84.3 million.
The deal represents Security Properties’ ninth acquisition in the Portland MSA.
“We were drawn to the location along with the immediate value add upside,” Davis Vaughn, Security Properties’ senior director, acquisitions, told Multi-Housing News. “We have a long history of successfully executing on well-located value-add deals like Arbor Creek.”
Located at 3280 SW 170th Ave., Arbor Creek consists of a mix of one- and two-bedroom units, most of which feature resurfaced counters, vinyl flooring, faux stainless steel appliances and upgraded light fixtures. About 80 percent of all units were renovated recently.
“We will be renovating the 20 percent of units that remain in classic condition along with painting the exterior and updating all of the common areas,” Vaughn said. “With a significant supply-demand imbalance due to the suburban Portland job creation, Arbor Creek is well positioned for future growth. We look forward to implementing our business plan and creating value for our investors.”
Security Properties’ renovation plan includes installing vinyl planks throughout, updating the clubhouse, revamping the pool deck and improving the outdoor common spaces.
The asset offers a comprehensive amenity package including a pool, fitness center, clubhouse and dog park.
Convenience to Portland
Arbor Creek is situated just 25 minutes west of downtown Portland, offering convenient access to the largest employers in the Portland MSA. The property offers convenient access to the SW Tualatin Valley Highway, the primary thoroughfare connecting Hillsboro and Beaverton, and is close by Regal Cinemas, a MAX line and the Tualatin Hills Nature Park.
A park is situated adjacent to the property, and boasts 5 miles of scenic wetland walking trails spread out over 222 acres.
Beaverton is home to Nike, which has increased employment by nearly 60 percent since 2007, bringing total employment in Beaverton to 8,500. Additionally, Intel has four campuses within 15 minutes of the property.
“The biggest strength of the location is the proximity to jobs as both Intel and Nike are within a few minutes’ drive,” Vaughn said.
Arbor Creek will be managed by Security Properties-affiliate Security Properties Residential.
In October, a joint venture between Security Properties and Reinsurance Group of America acquired Stoneridge Farms at the Hunt Club, a 364-unit community northeast of Nashville, Tenn., for $55 million.
Image courtesy of Security Properties