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5/31/22
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Next Wave Investors LLC has acquired two multifamily assets totaling 110 units in the Portland metro submarket of Beaverton, OR for a total of $30.5 mil ($277.3k/unit). The properties are The Huntley, with 62 units, and the Parker Apartments, with 48 units.
The Huntley, located at 12310 SW Center St, was purchased for $18 mil and has nine remaining unrenovated units offering the opportunity to create value through premium-level finishes. Parker Apartments, which is located at 17135 SW Heritage Ct, approximately three miles from The Huntley, was acquired for $12.5 mil and features 12 classic units that Next Wave will modernize.
While both assets were extensively renovated under previous ownership, they also present an opportunity for further upside through modernizing remaining units and additional strategic upgrades. The firm also plans to install HVAC systems in all units at both properties, as heat waves in the region in recent years have amplified demand for the amenity.
“The Huntley and Parker are well positioned to capitalize on the growing population and robust employment opportunities provided by the greater Portland metro area,” says Jordan Fisher, Principal at Next Wave. “The Beaverton submarket, in particular, is expected to see average annual rent growth of 7.39% through 2024, as it offers attractive suburban living in close proximity to the urban core. Beaverton is also home to the Nike World Headquarters, which recently opened additional facilities, and will provide opportunistic job prospects for many young professionals. Additionally, Intel is set out to build a $700 million data center, or ‘mega lab,’ in neighboring Hillsboro.”
The communities are surrounded by attractions like the Tualatin Hills Nature Park, and the Oregon Zoo, as well as 500k sf of nationally and regionally anchored retail. Residents of both properties will enjoy access to U.S. Route 26, and Interstate 5 providing seamless connectivity to downtown Portland, and easy access to the Max Light Rail and TriMet public transit system.
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