Following the acquisition of a $29.5 million newly constructed property, Security Properties purchased the 304-unit Tessera at Orenco Station in Hillsboro, Ore., for $85 million, in a partnership with Pacific Life Insurance Co. Holland Partners sold the community for $279,605 per unit, Yardi Matrix data shows.
Built in 2014, the four-story building at 6523 N.E. Cherry Drive is conveniently located near various dining, shopping and entertainment venues, including New Seasons Market, Orenco Station Town Center, Cornell Creek Park, Historic Bungalow House and Orenco Woods Nature Park. Additionally, Intel’s Ronler Acres campus is situated less than a mile from the property. Portland International Airport is roughly 20 miles away.
Improvements to come
The pet-friendly community features one- to three-bedroom units ranging from 604 to 1,415 square feet. The new ownership plans to renovate all eight of the property’s common-area spaces, as well as upgrade interiors by adding vinyl plank flooring, under-cabinet access lighting and a technology package.
Common-area amenities include:
- fitness center
- recycling center
- swimming pool
- spa/hot tub
According to Yardi Matrix, Tessera at Orenco Station was 92.8 percent occupied as of July and had an average rental rate of $1,542 as of August.
“Hillsboro has excellent fundamentals with convenient access to high-paying employers,” Davis Vaughn, senior director of Security Properties, said in a prepared statement. “With the combination of walkable retail and a location adjacent to the light rail station, we feel Tessera is well positioned to be the top asset in the market once our value-add upgrades are complete.”
Image courtesy of Yardi Matrix