TIGARD, OR - Multifamily owner-operator and investment manager Pacific Urban Investors has acquired Meadow Creek, now renamed Ansley Murrayhill, a 304-unit apartment community in Tigard, Oregon. The acquisition of Meadow Creek brings Pacific’s Portland metro portfolio to 2,610 units across 10 properties.
Meadow Creek is a two-story, garden style community with 608 parking spaces. Located in the Murrayhill neighborhood of Washington County, the property’s location offers short commutes to the largest and highest paying jobs in the MSA, including Nike and Intel, along with immediate access to substantial retail offerings. Built in 1985, the community has been maintained well but received only minimal aesthetic upgrades over time. As such, the opportunity exists to improve the curb appeal, unit interiors, and the expansive amenity set, which includes a clubhouse, fitness center, game room, swimming pool, spa, racquetball court, and dog park.
“In addition to the robust amenity set, there is ample green space between buildings, offering a pleasant living experience for residents,” said Zach Williams, Vice President of Investments at Pacific. “We are excited to add this community to our portfolio given the quality of the building and site, market fundamentals, and prospects for continued growth. The density of this community combined with the proximity to desirable lifestyle amenities and jobs is extremely difficult to replicate today.”
“Pacific is excited to add a third community in the desirable neighborhood of Murrayhill with expensive for-sale housing options, well-regarded schools, and an abundance of retail amenities,” said John Fluke, Managing Director of Investments. “The property’s condition is relatively untouched since its original construction providing a blank canvas to implement specific improvements most valued by residents and prospects while preserving a significant value proposition in rent to more recent deliveries in the area.”