Source: Sequoia Equities / #Apartments #Multifamily
TUALITIN, OR - Sequoia announces the acquisition of Eddyline at Bridgeport, a 367-unit, Class-A mixed-use apartment building in Tualitin, Oregon. This acquisition increases the firm's Portland-based holdings to more than 2,100 units. Eddyline was completed with the LEED Silver certification in 2015. It is comprised of 320,505 rentable square feet in three residential buildings in addition to 22,414 square feet across 10 retail spaces.
The community's direct access to Interstate 5 and Highway 217 provide residents quick access to the central business district, while still providing a refuge from fast-paced city life. Eddyline is located one block from Bridgeport Village, one of the area's largest retail and entertainment destinations, with more than 100-upscale storefronts, restaurants, and grocers. The confluence of Eddyline's Cascadian architecture, high-end amenities, walkability, and environmentally responsible design, resonates with the property's target market.
General Partner, Director of Acquisitions, Pat Reilly says, "Eddyline at Bridgeport presented an opportunity to acquire a core suburban asset, with an urban flair, located just 15-minutes from Portland's CBD. Given the MSAs major employment drivers, relative affordability, and limited new supply, we were confident in the opportunity to attract and retain an exceptional demographic profile."
The acquisition was facilitated by HFF. Sequoia will provide the day-to-day management services for the building.