Security Properties Fund II and PCCP Acquire Element 170 Apartments in Beaverton, Oregon
SEATTLE, Feb. 26, 2015 /PRNewswire/ -- Security Properties, in a joint venture with PCCP, LLC, has purchased Element 170 Apartments, a new construction, Class A, 243-unit multifamily property for $39 million through its Security Properties Multifamily Fund II. Located in Beaverton, Oregon, a Portland suburb, the property is the latest of eight acquisitions in the fund.
Element 170 Apartments was placed under contract in October 2013, began leasing in May of 2014, stabilized operations in January 2015 and was acquired in February 2015 by the joint venture. The location and the quality of the asset made the purchase compelling. It is immediately adjacent to the Blue MAX Light Rail Station with easy access to downtown Portland and the airport. It is within two miles of the Nike World Headquarters and approximately five miles from the Intel campus.
According to Mark Hoyt, senior director of Investments at Security Properties, "Element 170 is a great purchase as it is walking distance to a MAX station and close to several major employers, hospitals and retail. The property and the location are ideal, and we expect these factors to contribute to better-than-market revenue growth during our hold period. Finally, we were able to structure the purchase contract to lock in the price in the fourth quarter of 2013. This was an excellent outcome for our investors."
The 9.3-acre property consists of 10, four-story buildings and a leasing office/clubhouse building with amenities that include a pool, fitness center, conference room and tot lot. The upgraded units offer custom cabinetry, in-unit washers and dryers, 9-foot ceilings and vaulted ceilings in all top floor units.
"PCCP is pleased to partner with Security Properties, an experienced multifamily owner and manager throughout the Pacific Northwest," said Erik Flynn, managing director with PCCP, LLC. "The Portland region is one of the nation's top-performing areas for economic growth and this new property is well-suited to meet the needs of a growing population base seeking best-in-class apartment living."
About PCCP
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Security Properties
Security Properties is a national real estate investment and operating company headquartered in Seattle, Washington. For more than 45 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 70,500 residential units exceeding $3.94 billion in cost. Security Properties maintains a focused multifamily strategy supported by integrated teams of professional acquisition, development, construction, investment and property management specialists. For more information, visit www.securityproperties.com.
Media Contact:
Ed McGovern
206.622.9900
SOURCE Security Properties
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