WALNUT CREEK, CA - Sequoia announces the acquisition of Centro, a 480-unit garden style, apartment building in Hillsboro, OR. This signifies the fourth acquisition for the firm in the Hillsboro-Beaverton sub-market and eighth in the Portland metro market since 2011. The property was developed in 1995 and is comprised of 872,507 rentable square feet, offered in a variety of spacious one- and two-bedroom floorplans.
Centro provides quick access to the Silicon Forest, Intel’s Ronler Acres campus, Nike World Headquarters and Highway 26, making it the ideal commute location. Residing in the Tanasbourne neighborhood, the community is at the confluence of some of Hillsboro’s most notable retail, employment districts, restaurants and entertainment areas.
Sequoia’s General Partner and Vice-President of Acquisitions, Pat Reilly, explains “The Beaverton/Hillsboro multifamily submarket and assets have consistently performed in the top three submarkets within Sequoia’s West Coast portfolio over the last seven years. We are pleased to have this opportunity to add to our existing base in Portland.”
Sequoia will initiate a $4.5M renovation to enhance the interiors of the already amenity-rich community. Reilly continues, “The former owner and management company had recently rehabilitated approximately 50% of the interior units to a strong luxury level, and Sequoia, will have the opportunity to put its renovation design in place on the remaining units. Also, Centro had recently spent approximately $4M on common areas, grounds, the clubhouse, workout facility and outside pool area setting the community up as one of the premier properties in this submarket.” Interior improvements will involve high-style, low maintenance features such as quartz countertops, like wood-plank style flooring, and full-height backsplashes.
The acquisition was facilitated by Ira Virden of HFF representing Sequoia in the purchase of Centro Apartments. Sequoia Equities, Inc. will provide the day-to-day property management services for the asset.