SEATTLE, WA – Security Properties bought Arbor Creek, a 440-unit, Class-B garden-style community located in Beaverton, OR for $84,300,000. This is Security Properties’ ninth asset in the Portland market.

Sitting 25 minutes west of downtown Portland, the area is best characterized by its suburban neighborhood feel and convenient access to the largest employers in the Portland MSA. Arbor Creek benefits from its accessibility off of SW Tualatin Valley Highway, the primary thoroughfare connecting Hillsboro and Beaverton. Within a 10 minute drive, residents have access to an array of 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.

Beaverton is renowned globally for being the home of Nike. Nike, whose world headquarters is located less than 10 minutes from the property, has been drastically expanding their campus. Nike’s employment in Oregon has increased by nearly 60% since 2007, bringing total employment in Beaverton to 8,500 and 56,500 worldwide. To accommodate the increased headcount, construction started 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 asset represents a heavy value-add investment. 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.

Davis Vaughn, Senior Director of Investments at Security Properties says, “Arbor Creek was a target for our portfolio because of the clear value-add opportunity.  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 plot and making value for our investors”

The property will be managed by Security Properties-affiliate Security Properties Residential.

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SEATTLE, WA – Ascent South Lake Union, Seattle’s premier urban residential building by national multifamily developer Greystar, has completed construction and begun welcoming its first residents to the 25-tale building located in the vibrant neighborhood of South Lake Union. Comprised of 251 contemporary high-rise apartment homes inspired by the merging of modernity and nature, Ascent South Lake Union provides an all-inclusive living experience accented by signature interior design, unrivaled amenities, seamless resident services and 360-degree breathtaking views – all in one of Seattle’s most sought-after locations.

“As we continue to experience strong demand in the high-end rental market in Seattle, particularly in the budding neighborhood of South Lake Union, we are thrilled to officially open the doors at Ascent South Lake Union and welcome our first residents to this distinguished building,” said Aaron Keeler, Director of Development at Greystar. “We developed Ascent in response to the overwhelming market demand for condo-quality living in a high-rise apartment setting. With service and convenience as our key pillars, we have already received a strong response from prospective residents and anticipate a greater influx on the heels of opening our doors.”

Designed by award-winning local architecture firm Weber Thompson, Ascent South Lake Union boasts one-, two- and three-bedroom residences and penthouses ranging in size from 669 square feet to 1,831 square feet, with prices ranging from $2,600 to $9,355 per month. All homes feature spacious California Closets, Nest Thermostats, Blomberg stainless steel appliances, custom kitchens, gas ranges and marble inspired stone countertops. Penthouses feature hard wood floors, waterfall marble kitchen islands, Monogram 28-bottle wine reserve, charcoal filtered water with instant hot and cold settings, Brizo kitchen and bath fixtures, oversized windows, walk-in California Closets and smart home technology beyond Nest Thermostats including automatic window shades and light switches controlled by Amazon Alexa and secret TV screens embedded into the bathroom mirrors.

Ascent South Lake Union features common areas styled by award-winning Seattle-based interior design firm Susan Marinello Interiors, whose notable work in Washington includes The Private Residences at The Four Seasons Seattle, Hotel Theodore and Woodmark Hotel. The communal spaces were conceived to act as an extension of nearby Lake Union through the use of wood, stone and natural elements that are authentic to Seattle. Nautical elements throughout the building, including custom imagery of seaplanes, polished chrome light fixtures, navy color accents and camel leather, marry the lake lifestyle in a contemporary and hospitality-inspired fashion. A modern reflection of Lake Union’s mirroring lake, the exterior of the high-rise was intentionally designed to resemble rain cascading down the building.

Ascent South Lake Union offers residents a robust amenity collection highlighted by The Observatory, expansive rooftop lounge and open-air deck surrounded by captivating 360-views of the downtown skyline, Lake Union and the Space Needle. Designed to allow all-season outdoor-indoor living, The Observatory features multiple indoor and outdoor social lounge areas with firepits, BBQ grills, overhead heaters, indoor entertainment kitchen complete with a Franke Espresso Cappuccino Machine espresso machine, a game room with life-size Scrabble board and a rooftop spa. Additional resident amenities include a movement studio with virtual fitness classes, Luxer One package lockers, a 2,600-square-foot state-of-the-art fitness center with fitness courtyard and towel service, dedicated co-working space and a conference room, and 24-hour concierge service catering to resident’s every whim whether it’s dry cleaning or restaurant recommendations. The pet-friendly community also offers an industrial pet wash station and rooftop dog run. Parking is also provided onsite with electric car charging stations and indoor bicycle storage.

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SEATTLE, WA – A joint venture of HASTA Capital and Galium Capital has bought 95 Burnett, a 106-unit multifamily property in Renton, WA. Built in 2006, the property is elevatored, podium construction over two levels of parking.

95 Burnett is located 1.5 miles from Boeing’s 737 assembly facility and in close proximity to the Southport mixed-use development currently under construction on three class A office towers. HASTA and Galium plot extensive renovations to 95 Burnett’s amenities and significant upgrades to the property’s apartment units.

95 Burnett is HASTA Capital’s 6th US multifamily acquisition in the past year and follows recent acquisitions in Washington, DC and Houston, TX. 

“Seattle’s strong employment growth and domestic migration continue to fuel robust demand for rental housing,” said Mark Hafner, CEO of HASTA. “95 Burnett is a prime example of our strategy of acquiring high-quality, well-located assets in targeted markets and generating alpha through implementation of our operational and capital improvement strategies.”

“95 Burnett is a magnificent property in one of the best markets for residential rentals in the country,” said Jacques Bessoudo, Managing Partner of Galium. “It is one of the best properties in the sub-market, with immense potential for additional value.”

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