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5/22/15
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Aukum Management LLC purchased Canyon Creek, a 372-unit, garden-style multi-housing community in Wilsonville, OR. The property was sold free and clear of debt for $49.5 mil ($133k/unit) by a private investor.
Canyon Creek is situated approximately 16 miles south of downtown Portland on a 29.76-acre site at 26310 SW Canyon Creek Rd, near major area highway and public transportation arteries such as I-5 and the Westside Express Service commuter rail. The property is 95.7 percent leased and has an average unit size of 858k sf. Community amenities include a swimming pool, hot tub, fitness center, playground, clubhouse and business center.
Ira Virden and Kerry Hughes of HFF represented the seller in the transaction.
“Wilsonville is an extremely supply-constrained submarket, with an abundance of high-paying, white-collar jobs. Coupled with the ability to enhance value through implementing a value-add business plan and buying well below replacement cost, the asset proved to be an attractive offering for investors,” said Virden.
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