Source: Sequoia Equities / #Apartments #Multifamily
BEAVERTON, OR - Sequoia Equities announced the acquisition of Waterhouse Place, a 279-unit garden style, apartment building in Beaverton, Oregon. This marks the third acquisition for the firm in the Beaverton-Hillsboro sub-market and sixth in the Portland metro market since 2011. The property was developed in 1990 and is comprised of 261,464 rentable square feet in 26, two and three-story residential buildings.
The property features lush landscaping with walking paths, streams, and a nature trail behind the property. Waterhouse Place is located 1/2 mile from Highway 26, one mile from Nike's World Campus and five miles from Intel's Global Headquarters. The property's unique water features, park-like setting, 55% mix of townhome floorplans, and easy access to downtown Portland and the Silicon Forest, separates the community from other rental properties in the Hillsboro-Beaverton area.
General Partner, Vice-President, Director of Acquisitions Pat Reilly says, "The purchase of Waterhouse Place marks the sixth acquisition for Sequoia in the greater Portland market. Sequoia owns and manages more than 2,000 units in the area already, so we were fortunate to take advantage of a property that has been exceptionally maintained and improved over the years by institutional owners."
The acquisition was facilitated by Ira Virden of HFF. Sequoia Equities plans to invest over $3,000,000 to further modernize the apartments and amenities of the property, and Sequoia's management arm will provide the day-to-day management services for the building.