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Security Properties Acquires Tigard, OR MF for $81M
Seattle-based Security Properties and Cigna Investment Management purchased Arbor Heights, a 348-unit multifamily property located in Tigard, OR, a suburb west of Portland, for $81 million. The Class A, garden-style apartment community was constructed in 1997 at 15199 SW Royalty Pkwy.
Security Properties’ Davis Vaughn says, “Arbor Heights was a deal we focused on because of the unique competitive advantages it has over the rest of the marketplace. With territorial views in many units, a walkable grocery store, and a public school system about to receive $291 million in improvements via a recent bond approval, Arbor is ideally positioned long term.”
A renovation will be completed on 208 units not previously upgraded at the value-add asset, consisting of 14 buildings spread across 24.5 acres. Amenity improvements include the dog park and outdoor kitchen adjacent to the pool, as well as adding a package concierge, bike storage and outdoor living area.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


