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4/25/16
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Pacific Urban Residential closed on a notable Oregon res buy, having paid $25.35 mil for Spyglass Hill, a 137-unit ($185k/unit), garden-style multi-housing community in Beaverton. The property was sold by
Hamilton Zanze.
Spyglass Hill is located at 14305 SW Sexton Mountain Dr, near major area thoroughfares, including Route 217, Hwy 26 and I-5. The property’s location positions it approximately 11 miles southwest of downtown Portland and near large regional employers such as Nike and Intel.
Spyglass Hill is 97.9 percent leased and offers a mix of one-, two and three-bedroom units totaling approximately 122k sf. Community amenities include a swimming pool, hot tub, barbecue/picnic area, fitness center, clubhouse and business center.
Ira Virden of HFF represented the seller in the transaction. Pacific Urban Residential purchased the property free and clear of existing debt.
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