Security Properties Acquires Portland-Area Community for $70M
The acquisition expands the investor’s portfolio in this market to 2,800 units.
Security Properties has expanded its Oregon multifamily portfolio by entering the Portland suburb of Tualatin. The company worked with Oaktree Capital to acquire River Ridge Apartments, a 180-unit community, from Mountain West Investment Corp. in an off-market transaction.
The previous owner developed the community in two phases between 2015 and 2017. River Ridge was designed with its 180 units spread across 14 residential buildings on a nine-acre site. The one-, two- and three-bedroom units have an average unit size of 977 square feet and were built with walk-in closets, in-home washer and dryers, and a balcony or patio, with select units offering vaulted ceilings. The community’s amenities include a pool, fitness center, playground, resident clubhouse, recycling center, dog area, and basketball and bocce ball courts.
Located at 17865 SW Pacific Highway, River Ridge is situated right next to 99W and the I-5, which connects it to Portland and other Oregon cities. The community is also a short drive away from nearby cities like Beaverton, Lake Oswego and Tigard, which is home to the 500,000-square-foot Bridgeport Village shopping center. According to Security Properties, the Tualatin market is one of the fastest growing cities in Oregon since it offers a high standard of living but still maintains an affordable place for families.
Plenty of Portland Properties
With River Ridge, Security Properties’ Portland metro portfolio now includes 11 assets totaling more than 2,800 units. The company has several properties in Portland itself, including its 265-unit community on North Williams Avenue for which landed a $71 million refinancing in May.
Outside of the dozen communities Security Properties owns in Portland, the company also has four communities in Bend and one in Salem. Alex Gauper, director at Security Properties, said in prepared remarks that the River Ridge acquisition was part of the company’s investment strategy of acquiring well-located, newly-built assets in markets with a diverse mix of stable drivers.