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8/24/15
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Virtú Investments LLC, an investment firm out of California, closed on an Oregon residential buy, paying around $20 mil for Courtyard at Cedar Hills, a 145-unit ($138k/unit) community in Beaverton. The asset was sold by Prime Residential, a division of Prime Group, who acquired the property in 2014 and had since made significant capital improvements.
Located at 13643 SW Electric St, close to Nike and Tektronix headquarters, within walking distance to retail amenities and the MAX Light Rail, and just 15 minutes from downtown Portland, Courtyard at Cedar Hills is well positioned to take advantage of planned expansions from Nike and Intel. The exteriors of the community were recently upgraded, and Virtú plans to renovate the apartment interiors and common areas and to improve the community amenities.
Graham Taylor and Carrie Kahn with CBRE Capital Markets brokered the deal for the seller. As of February 2015, the Courtyard at Cedar Hills was 100% leased.
“Investors saw a clear path to reposition Courtyard at Cedar Hills and take advantage of Beaverton and Washington County’s strong economic growth. The unmistakable renovation opportunity became quite apparent to many new bidders when Courtyard at Cedar Hills was compared to the neighboring communities already being repositioned,” said Taylor. “Given Portland’s strong fundamentals, job growth and high occupancy, we believe Portland will be at the top of many investor lists for the foreseeable future.”
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