Suburban Apartment Community Goes for $25.4M

Beaverton’s Spyglass Hill multifamily community has been acquired by a California real estate firm.
Spyglass Hill, Beaverton, Ore.

Spyglass Hill, Beaverton, Ore.

Portland, Ore.HFF announced closing the sale of the Spyglass Hill garden-style community in Beaverton, Ore., for $25.35 million. The property was 97.9 percent occupied at the time of the transaction.

HFF marketed the property exclusively on behalf of Hamilton Zanze of San Francisco. The HFF investment sales team was led by Managing Director Ira Virden. Pacific Urban Residential acquired the asset free and clear of existing debt.

“The partnership executed on our business plan for this property and felt that this was an opportune moment to recycle the capital and move on,” said Kurt Houtkooper, chief investment officer at Hamilton Zanze.

Spyglass Hill is located at 14305 SW. Sexton Mountain Drive, near Route 217, Highway 26 and Interstate 5. Downtown Portland is approximately 11 miles northeast of the property, while major employers in the area include Nike and Intel.

The 137-unit community offers one-, two- and three-bedroom floor plans ranging in size from 615 to 1,127 square feet. Community amenities include a clubhouse, fitness center, swimming pool, spa/hot tub, barbecue/picnic area, business center and online rental payments. Unit amenities include ceiling fans, private balcony/patio, vaulted ceilings, wood-burning fireplace, sunken living rooms and storage space.

Image courtesy of Mission Rock Residential