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8/10/22
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Seattle-based Security Properties has acquired Sienna Pointe Apartments, a 168-unit multifamily community in Bend, OR, for $49.5 mil ($295k/unit). The acquisition was financed with a loan for $31.4 mil.
Built in 1991, the garden-style community is located at 1855 Northeast Lotus Drive. The property sits on 9.7 acres and comprises 21 buildings with one- and two-bedroom units averaging 845 square feet. Unit amenities include washers and dryers in most units, stainless-steel appliances, electric fireplaces, and private decks and patios. Community amenities include a fitness center, pet play area, laundry and clubhouse facilities, and on-site management. The low-density site features 17 units per acre and 264 parking spaces.
The community is situated minutes north of U.S. Highway 20, directly across from the 114-acre Pilot Butte Neighborhood Park and within a mile of St. Charles Medical Center, the metro’s largest employer. It’s within a ten-minute drive of both downtown Bend and the Old Mill District.
Nick Santangelo of CBRE Capital Markets’ Debt and Structured Finance team secured the seven-year, fixed-rate, full-term, interest-only loan through CBRE Multifamily Capital Inc, an approved lender under Fannie Mae’s Delegated Underwriting and Servicing (DUS) program.
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