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1/18/22
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Summit at Hyland Park, a 137-unit, value-add, garden-style multi-housing community located in Beaverton, OR, sold for $47 mil, or $343k/unit. FPA Multifamily acquired the asset from DB Capital Management.
Built in 1985, renovated in 2016 and updated in 2020, Summit at Hyland Park consists of one-, two- and three-bedroom units with luxury vinyl plank and carpet flooring, quartz countertops, stainless steel appliances, in-unit washers and dryers, walk-in closets, a wood-burning fireplace and a private balcony or patio. Community amenities include a community clubhouse, a dog park, a pool and spa, a fitness center, a business center and a barbeque area.
Located at 14305 SW Sexton Mountain Dr, the property is within a three-mile radius of over 10 msf of retail amenities including Progress Ridge TownSquare, Murray Scholls Town Center, Washington Square Mall, Greenway Town Center and Cedar Hills Crossing. The property is proximate to recreation options such as Hyland Forest Park, Sexton Mountain Meadows Park, Greenway Park, Summerlake City Park, Cooper Mountain Nature Park, Dirksen Nature Park and Woodard Park.
Residents are within close distance to the region’s largest employers such as Intel, an industry Leading footwear company world headquarters, Providence St. Vincent Medical Center and the “Silicon Forest,” a dense concentration of premier technology companies. In addition, the property’s location offers residents connectivity to downtown Beaverton, Hillsboro and downtown Portland through Beaverton Transit Center, TriMet Busline 62, Highway 26, Highway 217, Highway 210 and Interstate 5.
Ira Virden, Carrie Kahn and Frank Solorzano with JLL Capital Markets represented the seller in the deal.
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