Private equity firm Next Wave Investors has announced the acquisition of two multifamily assets in the Portland submarket of Beaverton, OR. A 62-unit property called the Huntley and a 48-unit facility named Parker Apartments sold for $31 million combined.
“The Huntley and Parker are well positioned to capitalize on the growing population and robust employment opportunities provided by the greater Portland area,” said Next Wave’s Jordan Fisher. “Beaverton is expected to see average annual rent growth of 7.39% through 2024, as it offers suburban living in close proximity to the urban core.”
While both assets were recently renovated, the firm plans to install HVAC in all units at both properties, as heat waves in the region in recent years have amplified demand for the amenity.
The communities are surrounded by attractions like the Tualatin Hills Nature Park and the Oregon Zoo, and also have easy access to U.S. Route 26 and Interstate 5.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.