Security Properties Snags $81M OR Community
In a joint venture with Cigna Investment Management, the company purchased Arbor Heights, a 348-unit Class A garden-style community. This purchase marks the partners' fourth acquisition.
By IvyLee Rosario
Security Properties and Cigna Investment Management have acquired Arbor Heights, a Class A garden-style community in Tigard, Ore., for $81 million. This purchase marks Security Properties’ fourth venture with Cigna. The property will be managed by Security Properties Residential.
Located at 15199 SW Royalty Parkway, the 1997-built property features 348 one-, two- and three-bedroom floorplans ranging from 661 to 1,107 square feet. The community comprises 14 three- and four-story buildings. Interior features include washer/dryers, high speed internet access, fully-equipped kitchens, walk-in closets and private balcony/patios. Residents have access to community amenities such as:
- fitness center
- swimming pool
- 870 parking spaces
- outside storage
The partners will focus on putting Arbor Heights through an extensive renovation plan in the coming year. The previous owner started with updating 54 units to include high-end finishes such as stainless steel appliances, quartz countertops, faux wood flooring, new kitchen and bathroom hardware, digital thermostats, rainfall showerheads, USB outlets and new cabinet doors.
Security Properties will continue to make minor enhancements to these upgrades including adding quartz to the bathrooms, as well as new mirrors and interior doors. The remaining 208 units will also undergo an overhaul with the exception of 86 apartments that were renovated in 2008. Common area upgrades include the addition of a dog park area, outdoor kitchen adjacent to the pool, bike storage, outdoor living area and a package concierge.
“Arbor Heights was a deal we focused on because of the unique competitive advantages it has over the rest of the marketplace,” said Davis Vaughn, senior director at Security Properties. “With territorial views in many units, a walkable grocery store and a public school system about to receive $291 million in improvements via a recent bond approval, Arbor is ideally positioned long-term. When we combine these factors with our value-add renovation, we expect Arbor to perform well and create value for our investors.”
Arbor Heights is located on the border of the Bull Mountain neighborhood, Tigard’s most prominent suburb located within close proximity to Portland. In July, the partners acquired Soma Apartments in Bellevue, Wash.
Image courtesy of Yardi Matrix