November 2, 2018
Seattle-based Security Properties purchased Arbor Creek, a 440-unit, Class-B garden-style community located in Beaverton, OR from Bay Area-based Jackson Square Properties for $84.3 million. It is Security Properties’ ninth asset acquisition in the Portland area.
The property sits 25 minutes west of downtown Portland on 22 acres at 3280 SW 170th Ave., near the Nike World HQ. Arbor Creek offers a mix of unit floorplans.
The asset represents a heavy value-add investment. Current ownership renovated roughly 80% of the units. Security Properties plans to improve the units, as well as update the clubhouse, the pool deck and outdoor common spaces.
HFF’s Ira Virden and Carrie Kahn marketed the property on behalf of the seller, and procured the buyer. HFF’s Charles Halladay, Scott Gilson and Charlie Watson worked on behalf of the new owner to secure a seven-year, floating-rate loan through Freddie Mac’s CME Program.
For comments, questions or concerns, please contact Dennis Kaiser