SEATTLE, WA - A partnership between Security Properties and an affiliate of Rockwood Capital closed on a three-property portfolio acquisition, the companies announced. The acquisition consists of The Ardea, a 323-unit Class-A multifamily high-rise located in Portland, OR; Windward, a 200-unit Class-A+ mixed-use project in Lake Oswego, OR; and The Metro, a 415-unit Class-A- asset in Denver, CO.
According to Davis Vaughn, Senior Director at Security Properties, "This is one of the most exciting acquisitions in our company's 50+ year history. Off-market acquisitions of this scale are extremely rare, especially considering the quality of the portfolio. We feel we are buying the premier suburban asset in the entire Portland MSA in Windward, a trophy high rise in Ardea at a basis significantly below replacement cost, and a well-located urban asset in Metro, poised to capitalize on Denver's continued growth. By adding these flagship assets to our portfolio, we look forward to continuing to grow the SP footprint across the West Coast."
"Consistent with our over-arching investment thesis regarding the value of a property's setting, each asset occupies a strategic location within its market, offering its tenants access to outdoor amenities, retail options, and proximity to employment centers," said Matthew Friedman, a Managing Director of Rockwood Capital. "Beyond their compelling settings, Windward and Ardea are exceptionally high-quality assets while Metro offers a solid value-add opportunity in the dynamic Denver market. Overall, we are extremely excited to be acquiring such a high-quality portfolio of assets in our target markets."
The Ardea is a 323-unit high-rise apartment community located in the South Waterfront neighborhood of Portland, OR.The neighborhood is a newly developed area situated along the west bank of the Willamette River, just 10 minutes south of Portland's Central Business District and anchored by the city's largest employer, Oregon Health and Science University.
The Windward is a 200-unit, three-building, 2018-built community in Lake Oswego, OR, with 14,166 square feet of ground-floor retail. The location is at the heart of downtown Lake Oswego, the zip code with the highest median income in the state of Oregon.
The Metro is a 415-unit apartment community located in Denver, CO. The Metro is located in the Ball Park neighborhood, which provides residents with convenient access to the downtown core and proximate neighborhoods, and within walking distance of Union Station, the central hub of Denver's regional transit system.
The properties will be managed by Security Properties-affiliate Security Properties Residential.