CBRE Arranges $99M Sale of 304-Unit MF Property in Hillsboro

CBRE has arranged the sale of Tessera at Orenco Station, a 304-unit multifamily community in Hillsboro, Oregon. CBRE’s Josh McDonald, Joe Nydahl and Phil Oester represented the seller, Seattle-based Security Properties, in the transaction.

Built in 2014, Tessera at Orenco Station is located at 6523 Northeast Cherry Drive. The four-story property comprises three buildings with one-, two-, and three-bedroom floorplans averaging 807 square feet. Unit amenities include stainless steel appliances, granite countertops and in-unit washers and dryers. Community amenities include an outdoor pool and spa, a fitness center, a game lounge and a business center.

Tenants also have quick access to Highway 26 and Hillsboro’s top tech employers, including Intel’s Ronler Acres campus, Nike World Headquarters, Salesforce, Tektronix and Adobe. While Portland is in line with the national slowdown in investment activity, multifamily investment sales in the metro reached $226 million in the third quarter, according to CBRE Research.

“We’re seeing a notable rise in investor interest on a wide range of multifamily assets within the Portland MSA, and the sale of Tessera reflects that trend. The property’s location and demographics, along with the widening gap between single-family home payments and rental payments, stand to provide the buyer with stable demand for the foreseeable future.”

CBRE’s Josh McDonald