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December 15, 2018
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Security Properties and Cigna Investment Management Team Up in $81 Mil OR Multifamily Buy


Security Properties and Cigna Investment Management purchased Arbor Heights, a 348-unit, Class A multifamily property located in Tigard, OR, for $81 mil, or $233k/unit. This is Security Properties' fourth joint venture with Cigna Investment Management.

The property is located at 15199 SW Royalty Pkwy, within the outlying suburbs of the Portland Metro. Tigard is most notably recognized for its rolling hills, dense greenery, and quiet feel in an otherwise booming market.

Arbor Heights is a Class A garden-style apartment community that was constructed in 1997. The asset consists of 14 residential buildings over 24.5 acres. The units feature well-appointed kitchens, spacious walk-in closets, in-unit full-size washer/dryers, private patios/balconies as well as territorial views from roughly 50% of units.

The new owners plan on completing a comprehensive renovation. Unit interiors currently contain a variety of interior spec levels as a by-product of the property's historical ownership changes. Most recently, a total of 54 units received a high-end spec including: stainless steel appliances, new cabinet doors with pulls, kitchen quartz countertops with under-mount sinks, gooseneck faucets, faux wood (vinyl sheet) flooring, two-tone interior paint, kitchen and bathroom hardware, microwaves, digital thermostat, USB outlet, curved shower rods, rainfall showerheads, and 2" faux hardwood blinds.

The buyer plans to make minor enhancements to this spec by adding quartz in the bathrooms, new interior doors and bathroom mirror surrounds in each of these 54 previously renovated units. The partnership will also be renovating the remaining 208 original units with a comparable interior scope while leaving the 86 units that were renovated in 2008 in their current. From an amenity standpoint the business plan includes upgrading the dog park area and outdoor kitchen adjacent to the pool as well as adding a package concierge, bike storage and outdoor living area.

Davis Vaughn, Senior Director at Security Properties says, "Arbor Heights was a deal we focused on because of the unique competitive advantages it has over the rest of the marketplace. With territorial views in many units, a walkable grocery store, and a public school system about to receive $291 million in improvements via a recent bond approval, Arbor is ideally positioned long term. When we combine these factors with our value-add renovation, we expect Arbor to perform well and create value for our investors."

The property will be managed by Security Properties-affiliate Security Properties Residential.

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