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9/09/22
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Trion Properties acquired a 302-unit multifamily portfolio the in the Beaverton submarket of Portland for $94.8 mil, or about $314k/unit. Properties in the portfolio include Jasper Place, Jasper Square, and Willow Grove.
Jasper Place and Jasper Square were purchased in association with anchor investor, Promus Realty Properties. Trion plans to execute strategic upgrades to improve operations and cure deferred maintenance at the properties. The firm estimates it will spend $2.8 mil toward community amenities and $3.4 mil toward interior upgrades with high-end scope.
Ongoing trends show Portland residents moving away from the city center into low-density suburbs such as Beaverton, notes Max Sharkansky, Managing Partner at Trion Properties. Over the last seven years, the region has continued to see tremendous development and rapid job growth with the metro’s largest employers Intel and Nike World Headquarters—both located in Beaverton—undergoing vast corporate expansion.
With the extension of the MAX light rail station, the redevelopment of Cedar Hills Shopping Center, and resurgence of Old Town Beaverton, the submarket is an increasingly attractive destination to live, work, and thrive. As a result, CoStar predicts Beaverton rents to grow by 25.3% (6.325% per year) over the next four years, well above the historical average.
Here are more details on the individual properties:
Jasper Place:
Constructed in 1986, Jasper Place is a 100-unit community located in northern Beaverton. Composed of 19 two-story wood-framed buildings, the community features one-, two-, and three-bedroom apartment units. Existing amenities include a pool, fitness center, sports courts, and leasing office, as well as upgrades to 58% of all unit interiors and garages for each unit, the latter of which Jasper Place and Jasper Square are the only properties in the submarket to feature.
Located at 18300 NW Walker Rd, the property is one mile from the Willow Creek MAX light rail station, and adjacent to Tanasbourne Town Center and Kaiser Permanente Westside Medical Center. Jasper Place offers easy access to employment corridors and local amenities throughout Beaverton and into downtown Portland.
Jasper Square:
Constructed in 1986, Jasper Square is an 83-unit community located at 15195 SW Walker Rd, directly across from the Nike World Headquarters to the south and Tualatin Hills Park and Recreation Complex to the west. Comprising 15 two-story wood-framed buildings, the community features one-, two- and three-bedroom apartment units. Existing amenities include a pool, fitness center, and leasing office, as well as upgrades to 55% of all unit interiors and garages for each unit.
Willow Grove:
Constructed in 1988, Willow Grove is a 119-unit community located in the heart of Beaverton. Consisting of 15 two-story wood-framed buildings, the community features one-, two- and three-bedroom apartment units with open floor plans. Existing amenities include a pool, fitness center, and leasing office, as well as upgrades to 50% of all unit interiors and low-density grounds with ample green spaces.
Willow Grove is located at 11981 SW Center St. Conveniently situated between two entertainment hubs, Beaverton Town Square and Cedar Hills Crossing, the property offers residents an easy commute to employment and entertainment options with direct access to downtown on Portland’s MAX Blue Line.
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