Security Properties, Pacific Life Snag Portland-Area MF for $85M
Seattle-based Security Properties and Pacific Life Insurance Company purchased Tessera at Orenco Station, a 304-unit multifamily property built in 2014 and located in Hillsboro, OR for $85 million. The asset is located at 6523 NE Cherry Dr., in suburban Portland’s Silicon Forest near Orenco Station Town Center.
The new owners plan to upgrade all eight of the property’s designated common area spaces with amenities. The interiors will also be updated with vinyl plank flooring throughout all living areas, under-cabinet access lighting and a comprehensive technology package.
Security Properties’ Davis Vaughn says, “Hillsboro has excellent fundamentals with convenient access to high-paying employers. With the combination of walkable retail and a location adjacent to the light rail station, we feel Tessera is well positioned to be the top asset in the market once our value-add upgrades are complete.”
Security Properties now owns eight assets in the Portland marketplace.
For comments, questions or concerns, please contact Dennis Kaiser