Source: Security Properties / #Multifamily #Apartments
SEATTLE, WA - Security Properties Inc. announced the purchase of the 160-unit Forest Creek apartment complex, located in Portland, Ore. The property, which is located in the upscale Portland neighborhood of Forest Heights, is well-positioned for strong rental performance. The combination of outstanding panoramic views and a lack of competition from apartment properties in the area make it an attractive project. The property is 100 percent occupied.
The purchase price was $25.7 million. Security Properties partnered with an undisclosed partner to purchase the property from Forest Creek Holdings, LLC, a group of local owners and developers.
As part of the purchase, Security Properties will deploy Madrona Ridge Residential, its integrated property management company, to assume management responsibilities to provide residents with outstanding service.
"Forest Ridge has everything we like in a multifamily property: Excellent rental performance, a thriving neighborhood and numerous amenities, all of which create a good investment," said David Dufenhorst, chief investment officer at Security Properties. Security Properties portfolio now includes 6 assets in the Portland market for a total of 789 units.
The location of Forest Creek is critical to its success: The complex is situated within Forest Heights, a master planned community with high-end homes and adjacent to biking and hiking trails. The complex is across the street from a quaint neighborhood retail center that includes a Starbucks, a gourmet market and boutique shops. Downtown Portland is just a 10 minute drive away and the neighborhood association provides a free tram to the MAX Light Rail Station with connections to downtown, the Portland International Airport and both the Nike and Intel campuses.
Security Properties is a national real estate investment and operating company headquartered in Seattle, Washington with a 43-year history in both affordable and conventional multifamily rental housing.