SEATTLE, WA – Security Properties and Pacific Life Insurance Company bought 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 plotting, 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 brilliant 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 plot 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 brilliant 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.”

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IRVINE, CA – Bascom Group has bought Jefferson Stonebriar, a newly built 424-unit Class A multifamily community located in the high-growth city of Frisco, Texas. Bascom bought the property from the developer, JPI.  The buy price was confidential.  Debt financing was arranged by Tip Strickland and Braden Harmon of Berkeley Point Capital. Brian Murphy and Richard Furr of ARA represented the seller in the sale.  James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.

The property consists of three residential buildings spread across nine acres. The unit mix is comprised of 69% one bedroom units, 25% two bedroom units, and 6% three bedroom units. Community amenities include a clubhouse, fitness center, theater room, resort-style pool, conference room, pet park, picnic area with outdoor fireplace and concierge services.

Situated in the high growth zone known as the Platinum Corridor, Frisco has seen unbelievable population and economic expansion, with the population increasing 30% over the past five years and projected to increase another 25% over the same period. At the center of the Platinum Corridor and just 2.9 miles from Jefferson Stonebriar is Legacy and Granite business parks, home to 82,000 employees, residents and major corporations including FedEx, Capital One, Frito-Lay and Liberty Mutual. Frisco continues its relentless expansion with three commercial projects totaling $3.4 billion under construction, including the Star at Frisco, Frisco Station and the Gate. 

Jason Hanna, Senior Vice President of Operations, comments “We bought a best-in-class asset in a market with outsized economic growth, blue-chip schools, and brilliant demographics.” James D’Argenio, Senior Principal for Bascom, adds “We have underwritten the apartment deliveries in the near term. Over the long-term, we believe the driving forces behind Frisco’s success will strengthen and allow for meaningful property-level revenue growth without renovation risk.”

Jefferson Stonebriar marks Bascom’s 35th multifamily property closed in Texas. Over the past twelve months, Bascom has completed over $1.2 billion in multifamily transactions throughout the United States. Since 1996, Bascom and its affiliates have bought 3232 multifamily properties throughout the United States, totaling more than 84,000 units. Bascom currently holds 18,305 units in its portfolio.

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TAMPA, FL – Inland Real Estate Acquisitions announced that it negotiated and closed the buy of Laurel Oaks Apartments, a 192-unit multifamily property located in Tampa, Florida. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, completed the deal, with help from Brett Smith, vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.

Located at 8781 Orange Leaf Court, the property underwent interior and exterior renovations in 2016 and 2017. The property consists of 24 two-tale buildings with 20 one-bedroom, 152 two-bedroom and 20 three-bedroom units. Laurel Oaks Apartments also features a recently renovated clubhouse and new playground area, a fitness center, swimming pool, pet park, sun deck, lighted tennis courts, a sand volleyball court and a grilling area.

“Laurel Oaks Apartments was an attractive acquisition opportunity because of the need it fills for the community of more than 162,000 residents within a five-mile radius,” said Tice. “Offering modest rental rates compared to the surrounding apartment communities, the property’s value-add upgrades and sought-after community amenities offer an affordable workforce housing solution for the variety of employees in the area. Located on the northeast side of Tampa, Laurel Oaks Apartments is situated in a nice community approximately 10 minutes from the University of South Florida, Florida Hospital, Moffitt Cancer Center and Seminole Hard Rock Hotel & Casino.”

As of August 6, 2018, the property was 95 percent occupied.

To date, Inland Real Estate Acquisitions, LLC has facilitated more than $46 billion of buys including single-tenant properties, medical office buildings, retail properties and a total of more than $5 billion in apartments.

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