Source: Security Properties / #Apartments #Multifamily
SEATTLE, WA - Security Properties and Pacific Life Insurance Company purchased Tessera at Orenco Station, a 304-unit multifamily property built in 2014 and located in Hillsboro, OR for $85,000,000. Security Properties now owns a total of eight assets in the Portland marketplace.
Tessera is located within the outlying suburbs of the Portland Metropolitan Area in Hillsboro, OR. Currently the state's fifth largest city with over 100,000 residents, Hillsboro enjoys award-winning urban planning, an affordable cost of living, a strong economic base and one of the state's most diverse populations. Often referred to as the Silicon Forest, Hillsboro is most widely recognized for the cluster of high-tech companies located within its boundaries. Case in point, Intel's Ronler Acres campus is now the company's largest operating hub and the site of its research and development group as well as its most advanced technical operations and top executives. The campus is conveniently located less than one mile directly north of the property.
From a retail perspective Tessera sits in an excellent pocket of Hillsboro. Residents benefit from access to an array of walkable amenities highlighted by The Orenco Station Town Center. The Town Center is located less than ½ mile north of the property and is anchored by a New Seasons Market, Starbucks and a variety of boutique restaurants. The Town Center also plays host to a local farmers' market on Sundays. The property offers outstanding regional connectivity as the Orenco MAX Station is located just a single block south (~3 minute walk) and offers access to a total of 97 stations covering 60 miles. Major stops along the light rail track include Beaverton (home to Nike's World HQ), downtown Portland and the Portland International Airport.
The business plan is to upgrade all eight of the property's designated common area spaces to offer top of the market amenities. The interiors will also be updated with vinyl plank flooring throughout all living areas, under-cabinet access lighting and a comprehensive technology package.
According to Davis Vaughn, Senior Director at Security Properties, the acquisition was made because, "Hillsboro has excellent fundamentals with convenient access to high paying employers. With the combination of walkable retail and a location adjacent to the light rail station, we feel Tessera is well positioned to be the top asset in the market once our value-add upgrades are complete."