SEATTLE, WA -Security Properties and Tokyu Land US Corporation, a fully-integrated real estate investment and development firm, bought Sanctuary, a 182-unit, Class-A, mid-rise apartment community located in Portland, OR for $58,300,000. This is Security Properties’ 10th asset in the Portland MSA, and Tokyu Land’s first.

Located along the Willamette River on the southern end of Portland, OR, John’s Landing has become one of the most desirable neighborhoods in Portland. Unique to Sanctuary is its site plot that sits directly along the Willamette River, thereby providing unobstructed views of the river. The site also is bisected by the Waterfront Greenway Trail providing convenient bicycle and running trail access for tenants.

Built in multiple phases, the $1.9 billion South Waterfront community is one of the largest urban redevelopment projects in the nation. The South Waterfront offers a mix of boutique retailers, local bars, and restaurants.  The area is anchored by OHSU, one of the largest employers in Oregon with over 15,000 employees. OHSU is well underway on a multi-project expansion to its South Waterfront campus that will bring in many new medical professionals to the submarket.

Given Sanctuary’s proximity to downtown Portlandas well as the MAX line, residents can access all of the key employers in the MSA with relative ease in addition to walking to the OHSU campus.  Other notable employers in the submarket include: Under Armour, who went into their new facility in 2017; Portland State University, the state’s largest university; as well as the abundance of tech employers located Downtown, including Google, Oracle, and Jama Software.

Davis Vaughn, Senior Director of Investments at Security Properties says, “Sanctuary has an irreplaceable location along the river that will give it a permanent competitive advantage.  Additionally, as OHSU continues to expand, the South Waterfront will only become more desirable as a place to live.  Our asset is well positioned for growth and we look forward to unlocking value for our investors with this core acquisition.”

Nobuhide Kashiwagi, president of Tokyu Land US, said, “We identified Portland as a growth market for us earlier in 2018, and are excited for our first buy in the MSA. This asset is a fantastic addition to our growing multifamily portfolio, and are looking forward to continuing our acquisitions in the Pacific Northwest. Sanctuary’s quality construction and superior location provide us with a stable foothold upon which to grow.” 

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

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LOS ANGELES, CA -MWest Holdings, a Los Angeles-based real estate and investment firm with over 2 million square feet of residential and commercial property across the U.S., announced the acquisition of a 168-unit, 13-tale luxury high-rise apartment community located in the Koreatown district of Los Angeles.

The View, located at 3460 West 7th Street, was originally constructed in 1965 and underwent an extensive redevelopment in 2013, entirely transforming the building. Unit interiors have been fully amenitized with Caserstone countertops, soft close cabinetry, Frigidaire stainless steel appliances, double basin stainless steel sinks, recessed lighting, and washer/dryer combination units. The community features a modern Yoga Works studio on the ground floor, fully equipped fitness center, large pool and sundeck, barbeque area, outdoor lounge and community room.

The Koreatown submarket is experiencing a development boom, evidence of the area’s gentrification. With a walk score of 96, residents have access to restaurants, entertainment and nightlife. The building is conveniently located one block from the Wilshire/Normandie station, and the Wilshire/Vermont metro station is located less than a mile away.

MWest plans to capitalize on the asset’s A+ location by providing minor interior upgrades and revitalizing the existing common areas and community amenities.  

“The View is an example of a unique core-plus buy where we can make thoughtful upgrades to an already desirable asset in a growing community, with the goal of ensuring an enjoyable living environment both new and existing residents will delight in,” said Karl Slovin, President of MWest Holdings. 

MWest Holdings is a vertically integrated real estate investment and property management company with over 2 million square feet of residential and commercial property across the United States. Founded in 1991, MWest is known for making innovative development solutions that instill a sense of neighborhood and integrity and make a lasting, tangible value. 

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OAK BROOK, IL – JVM Realty, a leading vertically integrated multifamily real estate investment and property management firm, announced it has completed renovations to the common areas of the Avant at the Arboretum Apartments, a 310-unit luxury apartment community in Lisle, Ill., near Downers Grove, Naperville and Oak Brook.

“Avant was already an outstanding community located in a fantastic submarket, and these improvements make the property even better positioned to compete in today’s marketplace,” said Jay Madary, president and CEO of JVM. “That’s because these common-area renovations truly address the demands of the modern renter, whether it be their need for pet-friendly amenities, comfortable areas for socializing or spaces to work.”

Among the new features at Avant: an off-leash pet park, a pet-washing station, an automated package room with 24-hour access, an upgraded fitness center, a co-working lounge, a rent-by-the day workstation/conference room, and custom-designed one- and two-bedroom model units. The upgrades also include an updated community kitchen and bar area; a renovated clubhouse with billiards table, shuffleboard and a vintage video game table; and an upgraded cinema room.

Sitting along the prestigious I-88 Corporate Corridor, Avant is in one of the most dynamic areas in suburban Chicago. Lisle has been listed on Money Magazine’s “Top 20 Best Places to Live in America” and included on Niche.com’s list of “Best Places to Live in Illinois.” The community is a quick Metra ride away from downtown Chicago, and it also offers convenient access to I-355, IL-53 and US-34 (Ogden Ave.). Furthermore, Oakbrook Shopping Center, one of the premier shopping destinations in the Chicagoland area, is an simple 15-minute drive away.

Avant offers spacious one- and two-bedroom apartment homes. The units contain gourmet kitchens with granite countertops, stainless steel appliances, side-by-side refrigerators, over-the-range microwaves, 42-inch kitchen cabinets and under-mount sinks. The apartment homes also feature large patios/balconies.

At Avant, apartment homes are wrapped around a courtyard and a structured parking garage that provides residents with parking on the same level as their homes.

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