Security Properties of Seattle has purchased Beaverton apartments Arbor Creek, a 440-unit, Class-B garden-style community located in Beaverton, Oregon for $84 million marking the company’s ninth asset in the Portland metro, according to a release.
Around the Beaverton apartments the area is best characterized by its suburban neighborhood feel, 25 minutes west of downtown Portland, and convenient access to the largest employers in the Portland area.
Arbor Creek is close to SW Tualatin Valley Highway, the primary thoroughfare connecting Hillsboro and Beaverton. Within a 10 minute drive, residents have access to grocers, Regal Cinemas, a MAX line, and the Tualatin Hills Nature Park. The park, sitting directly adjacent to the property, offers 5 miles of scenic wetland walking trails spread out over 222 acres.
“Arbor Creek was a target for our portfolio because of the clear value-add opportunity,” Davis Vaughn, Senior Director of Investments at Security Properties, said in the release.
“Additionally, with a significant supply-demand imbalance due to the suburban Portland job creation, Arbor Creek is well positioned for future growth. We look forward to implementing our business plan and creating value for our investors,” he said.
Company plans improvements at Beaverton apartments
The units at Arbor Creek offer a mix of 1×1 and 2×2 floor plans.
Current ownership has renovated approximately 80% of the units with upgraded cabinets, resurfaced counters, vinyl flooring, faux stainless steel appliances, and upgraded light fixtures.
Security Properties will be improving the units by installing vinyl planks throughout, in addition to spraying the countertops. Security Properties will also be updating the clubhouse, revamping the pool deck and improving the outdoor common spaces, according to the release.
Beaverton is renowned globally for being the home of Nike whose world headquarters is located less than 10 minutes from the property.
Nike’s employment in Oregon has increased by almost 60% since 2007, bringing total employment in Beaverton to 8,500 and 56,500 worldwide. To accommodate the increased headcount, construction began on a $380 million, 3.2 million square foot expansion in January of 2015, and the project’s anticipated completion is slated for the end of 2018.
Additionally, the largest employer in Oregon, Intel, has four campuses within 15 minutes of the property. Ronler Acres, their most regarded campus, serves as their largest concentration of facilities and talent in the world.
The property will be managed by Security Properties-affiliate Security Properties Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 48 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties.