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10/21/22
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SR Watt Company acquired two Class A suburban Portland multifamily properties totaling 188 units for $60 mil ($319k/unit). The purchases include the 101-unit Cannery Row, at 22550 SW Highland Dr in Sherwood, and the 87-unit Westline, at 4545 SW Angel Ave in Beaverton.
Built in 2013, Cannery Row features studio-, one-, two- and three-bedroom units with an average size of 840 sf. Cannery Row is adjacent to the Sherwood Saturday Market at Cannery Square and a few blocks from Old Town Sherwood. The property features a resident lounge, fitness center, community patios, and pet grooming station.
SR Watt plans to renovate Cannery Row with interior unit upgrades, a new dog park, outdoor kitchen and social area, and upgraded fitness center.
Offering studio, one- and two-bedroom units with an average size of 737 sf, the 2017-built Westline also includes 2.3k sf of retail. Westline is located in the heart of downtown Beaverton Historical District. Community amenities include a pet/bike wash station, fitness center, rooftop deck with BBQ fire pit, and views of Mt. Hood.
The seller, Madison Park Financial Corp, was represented by Ira Virden, Carrie Kahn and Frank Solorzano with JLL Capital Markets. SR Watt repped itself in the transaction.
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