Portland-Area Property Commands $99M

The asset previously traded for $85 million.

Security Properties and Pacific Life Insurance Co. have sold Tessera at Orenco Station, a 304-unit community in Hillsboro, Ore. Sequoia Equities purchased the asset for $99 million. CBRE represented the seller in the transaction.

The property previously traded in September 2018, when Security Properties acquired it for $85 million, or $279,605 per unit, from Holland Partner Group, according to Yardi Matrix data.

Completed in 2014, the four-story building encompasses one-, two- and three-bedroom layouts ranging between 604 and 1,415 square feet, together with some 6,800 square feet of first-floor retail. Units feature washers, dryers, stainless steel appliances, walk-in closets and granite countertops.

Common-area amenities at the 3.7-acre property consist of a fitness center, game lounge, business center, work-from-home studios, fire pit and barbecues, outdoor swimming pool and spa. The community also has 369 parking spaces, EV charging stations and a dog park.

Located at 6523 NE Cherry Drive, the transit-oriented community is close to several dining and retail options, including Crossroads at Orenco Station shopping center. Retail destinations Tanasbourne Village and Tanasbourne Town Center are within 3 miles, while downtown Portland is some 14 miles southeast. Hillsboro Airport is 2 miles away and Portland International Airport is roughly 26 miles northeast.

The CBRE team which represented the seller included Senior Vice Presidents Josh McDonald, Phil Oester and Joe Nydahl. In August, the trio represented Grand Peaks Properties in the sale of Lumina Apartments, a 440-unit multifamily property in Gresham, Ore.

Portland’s multifamily activity

According to Yardi Matrix data, 20 communities—or 2,142 units—changed hands last year in Portland, amounting to $427.8 million, a steep decline from the 44 communities—or 5,580 units— that traded for a total of $1.6 billion during the same period of 2022.

Significant transactions in the area include Green Leaf Capital Partners’ acquisition of Sandy28, a 206-unit community that changed hands for $43 million. IPA represented the seller.

You May Also Like