BEND, OR - Security Properties and a university endowment purchased Seasons at Farmington, a 228-unit, Class-A multifamily community located in Bend, OR for $45,500,000. This is Security Properties' first acquisition in Bend.
Seasons at Farmington is located in the Old Farm District, just southeast of Downtown Bend. In recent years Bend has become nationally recognized for its relatively low cost of living paired with its high quality of life. Outdoor enthusiasts frequent the varying bike trails and walking paths, innumerable golf courses, rivers, and proximate ski resorts. Bend also boasts an array of breweries and restaurants, as well as the Les Schwab Amphitheatre, an outdoor, riverfront venue that hosts a mix of year round concerts and events.
Bend has become the home of a diverse and ever-expanding business community, anchored by a mix of biomedical companies, regional hospitals, national-scale microbreweries, resorts, and Silicon Valley tech transplants.
The units at Seasons at Farmington offer a mix of 1- and 2- bedroom floorplans. The apartment homes feature well-appointed kitchens, spacious walk-in closets, in-unit full-size washers and dryers, as well as private patios / balconies. Additionally, the property offers a comprehensive amenity package including a swimming pool, a clubhouse with lounging areas and a fitness center, a dog park, and an outdoor fire pit.
The asset represents a core-plus investment with light interior and exterior renovation characteristics. SP will be adding cosmetic upgrades to unit interiors as well as enhancing the existing amenity spaces.
Davis Vaughn, Senior Director of Investments at Security Properties says, "Bend has been a target market for SP for several years because of the compelling combination of affordability and quality of life. This is a top-of-the-market asset that should provide excellent returns for our investors as Bend continues to grow."
The property will be managed by Security Properties-affiliate Security Properties Residential.