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3/29/21
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In a notable multifamily trade in Oregon, purchased Courtyard at Cedar Hills, a 145-unit, value-add community in Beaverton, for $32.15 mil ($222k/unit). The asset was sold by Virtu Investments.
Courtyard at Cedar Hills comprises 14 garden-style residential buildings with a mix of one-, two- and three-bedroom units averaging 900 sf in size. Community amenities include an indoor pool, fitness center, laundry facilities and package locker room. The community underwent a $2 mil renovation in 2016 that included updates to common areas and select unit interiors, leaving an opportunity for new ownership to complete renovations and capitalize on the submarket’s substantial rent growth.
Located at 13643 S.W. Electric St, just seven miles from Portland, the transit-oriented community is within two blocks of the MAX Light Rail station, allowing connectivity across the Portland MSA. The apartments are also located near 8.7 msf of retail and recreational amenities and offer immediate access to several of Oregon’s largest economic drivers including Downtown Portland and two of the largest athletic apparel and technology firms globally.
Ira Virden, Carrie Kahn and Frank Solorzano with JLL Capital Markets repped the seller in the transaction.
“Courtyard at Cedar Hills is an exceptional transit-oriented, value-add opportunity in a submarket with high barriers to entry,” Virden noted. “Beaverton has a remarkable growth story thanks to expanding employers including several technology and manufacturing companies planting flags nearby. Located steps from Downtown Beaverton and walking distance to the MAX, the property has benefitted from significant public and private reinvestment that has transformed the surrounding community into a highly walkable neighborhood with several exciting restaurants and other businesses.”
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