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OR Res Community Trades for $99 Mil

1/03/24

Tessera at Orenco Station, a 304-unit multifamily community in Hillsboro, OR, has traded hands in a $99 mil ($325.7k/unit) transaction. The property was sold by Seattle-based Security Properties.

Built in 2014, Tessera at Orenco Station is located at 6523 Northeast Cherry Drive. The mid-rise, four-story property comprises three buildings with one-, two-, and three-bedroom floorplans averaging 807 sf in size. Unit amenities include stainless steel appliances, granite countertops, European-style cabinetry, walk-in closets, and in-unit washers and dryers. Community amenities include an outdoor pool and spa, a fully equipped fitness center, game lounge, business center with work-from-home studios, fire pit and barbecues, and bark park with a dog run. The property offers 369 resident, visitor, and retail parking spaces.

The property sits on 3.69 acres in Hillsboro’s Orenco Station neighborhood. It’s located within a short walk or drive from numerous retail amenities, including the Hillsboro farmer’s market and the Streets of Tanasbourne. Tenants also have quick access to Highway 26, the MAX Blue Line, and Hillsboro’s top tech employers, including Intel’s Ronler Acres campus, Nike World Headquarters, Salesforce, Tektronix, Adobe, and more.

CBRE’s Josh McDonald, Joe Nydahl and Phil Oester represented the seller in the deal. The buyer was not named.

“We’re seeing a notable rise in investor interest on a wide range of multifamily assets within the Portland MSA, and the sale of Tessera reflects that trend,” said CBRE’s McDonald. “The property’s location and demographics, along with the widening gap between single-family home payments and rental payments, stand to provide the buyer with stable demand for the foreseeable future.”

While Portland is in line with the national slowdown in investment activity, multifamily investment sales in the metro reached $226 mil in the third quarter, according to CBRE Research. A total of 1,029 units were transacted in the quarter, and the average sales price per unit for the trailing four quarters was $245.7k.





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