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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.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.