SEATTLE, WA - Security Properties, in a joint venture with PCCP, LLC, has purchased Element 170 Apartments, a new construction, Class A, 243-unit multifamily property for $39 million through its Security Properties Multifamily Fund II. Located in Beaverton, Oregon, a Portland suburb, the property is the latest of eight acquisitions in the fund.
Element 170 Apartments was placed under contract in October 2013, began leasing in May of 2014, stabilized operations in January 2015 and was acquired in February 2015 by the joint venture. The location and the quality of the asset made the purchase compelling. It is immediately adjacent to the Blue MAX Light Rail Station with easy access to downtown Portland and the airport. It is within two miles of the Nike World Headquarters and approximately five miles from the Intel campus.
According to Mark Hoyt, senior director of Investments at Security Properties, "Element 170 is a great purchase as it is walking distance to a MAX station and close to several major employers, hospitals and retail. The property and the location are ideal, and we expect these factors to contribute to better-than-market revenue growth during our hold period. Finally, we were able to structure the purchase contract to lock in the price in the fourth quarter of 2013. This was an excellent outcome for our investors."
The 9.3-acre property consists of 10, four-story buildings and a leasing office/clubhouse building with amenities that include a pool, fitness center, conference room and tot lot. The upgraded units offer custom cabinetry, in-unit washers and dryers, 9-foot ceilings and vaulted ceilings in all top floor units.
"PCCP is pleased to partner with Security Properties, an experienced multifamily owner and manager throughout the Pacific Northwest," said Erik Flynn, managing director with PCCP, LLC. "The Portland region is one of the nation's top-performing areas for economic growth and this new property is well-suited to meet the needs of a growing population base seeking best-in-class apartment living."