BEND, OR - Security Properties and a university endowment purchased Outlook at Pilot Butte, a 205-unit, Class-A multifamily community located in Bend, OR for $52,000,000. This is Security Properties' third acquisition in the Bend market.
Outlook at Pilot Butte is conveniently located on Bend's eastside just a five minute drive from Downtown. The property is situated at the base of Bend's most iconic landmark, Pilot Butte. The 114-acre Pilot Butte State Scenic Viewpoint rises nearly 500 feet above its surroundings and includes a two-mile hiking trail to the summit. More than 750,000 locals and tourists visit Pilot Butte each year.
In recent years Bend has become nationally recognized for its relatively low cost of living paired with its high quality of life. Outdoor enthusiasts frequent the varying bike trails and walking paths, innumerable golf courses, rivers, and proximate ski resorts. Bend also boasts an array of breweries and restaurants, as well as the Les Schwab Amphitheatre, an outdoor, riverfront venue that hosts a mix of year round concerts and events. The area has become home to a diverse and ever-expanding business community, anchored by a mix of biomedical companies, regional hospitals, national-scale microbreweries, resorts, and Silicon Valley tech transplants.
The units at Outlook at Pilot Butte offer a mix of 1- and 2- bedroom floorplans. The apartment homes feature well-appointed kitchens, air conditioning, spacious walk-in closets, in-unit full-size washers and dryers, as well as private patios / balconies. Additionally, the property offers a clubhouse with resident lounge, best-in-class fitness center, game room, bicycle storage facility and both an outdoor fireplace and fire pit lounge.
The asset represents a core-plus investment with light interior and exterior renovation characteristics. SP will be adding cosmetic upgrades to unit interiors as well as enhancing the existing amenity spaces.
Alex Gauper, Investment Manager at Security Properties says, "Bend continues to be a top target market for SP due to its compelling combination of affordability and overall quality of life. This is a top-of-the-market asset that will combine well with our existing market footprint and provide excellent returns for our investors as Bend continues to grow."
The property will be managed by Security Properties-affiliate Security Properties Residential.