CHICAGO, IL - The most recent acquisition of LaSalle Apartments, a 554-unit community located in Beaverton, OR, is the second asset purchased this year by Waterton Associates. Waterton purchased the property for $77.2 million or $139,350 per unit.
Constructed in 1998 and 1999, the three-story, 31 building structure includes 554 apartments consisting of one, two and three bedroom garden style units as well as townhomes. The property's location, less than a mile from Nike World Headquarters, gives residents efficient access to major employers including Nike, Intel and Tektronix.
"The purchase of LaSalle Apartments matches tremendously with Waterton's investment strategy," said Peter Kuzma, Senior Acquisitions Analyst, Waterton Associates. "The community's proximity to jobs and public transportation along with its value-add component make it an extremely exciting opportunity for Waterton to re-enter the Portland multifamily market."
LaSalle Apartments offers a variety of floor plans. Adjacent to the MAX-line, Portland's light rail system which provides public transportation to Hillsboro, downtown Portland and Portland International Airport, LaSalle is a transit oriented core plus apartment community located along the Sunset Corridor. The community features two 24-hour fitness centers, two clubhouses, two pools and a Jacuzzi. Other conveniences include detached garages, patios or balconies and furnished full-size washers and dryers.
Originally developed by Holland, Waterton closed the LaSalle Apartments transaction March 14, 2012. Waterton plans to implement a value-add, physical upgrade renovation program including upgraded flooring, clean steel appliances and new interior lighting and plumbing package.
Chicago-based Waterton Associates, one of the leading multifamily companies in the nation, is focused on the acquisition of apartment communities in multiple markets to which it can add value through repositioning and renovation. With over 16,000 apartment homes in 42 communities in 12 states the Waterton brand signifies exceptional living experiences, a sense of community, and home. Waterton employs approximately 450 associates who are committed to achieving the Waterton vision to be the leader in the multifamily industry.