Security Properties Acquires Oregon Community

The 205-unit Outlook at Pilot Butte marks the firm's third purchase within the Bend, Ore., market.
Outlook at Pilot Butte. Image courtesy of Security Properties

Outlook at Pilot Butte, a Class A apartment community in Bend, Ore., has been purchased  by Security Properties and a university endowment for $52 million. The 205-unit property at the base of Bend landmark Pilot Butte is the third community acquired by Security Properties in the Bend market.

Offering a variety of one- and two-bedroom floorplans ranging from 581 to 1,098 square feet in size, Outlook at Pilot Butte is located at 2001 NE Linnea Drive, five minutes east of downtown Bend. Built in 2017, its occupancy stands at 86.3 percent.

Apartment features include above-standard ceiling heights, walk-in closets, in-unit washer-dryers and air conditioning. Select units offer private patios or balconies. Common-area amenities include a clubhouse with resident lounge. The property is seen as a core-plus investment, with potential for light interior and exterior upgrades. Security Properties plans to add cosmetic enhancements to unit interiors and improve amenity spaces.

Management of Outlook at Pilot Butte will be provided by Security Properties Residential, an affiliated company of Security Properties.

Compelling combination

Security Properties reported the firm has identified Bend as a prime target for investment, owing to its blend of high quality of life and comparative low cost of living. Area employers include a broad array of biomedical firms, regional health care facilities, national-scale microbreweries and resorts, as well as companies transplanted from Silicon Valley.

Among the recreational amenities of the city are walking paths and bicycle trails, ski resorts, golf courses and rivers. Les Schwab Amphitheatre is an outdoor gathering spot on the river that stages concerts and other events throughout the year.