JLL Capital Markets announced that it closed the $32.15 million sale of Courtyard at Cedar Hills, a 145-unit value-add multihousing community located in Beaverton, Oregon, a prime suburban growth market just seven miles from Portland.
JLL marketed the property exclusively on behalf of the seller, Virtu Investments. The property was purchased by Hamilton Zanze.
Courtyard at Cedar Hills comprises 14 garden-style residential buildings with a mix of one-, two- and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities and package locker room. The community underwent a $2 million renovation in 2016 that included updates to common areas and select unit interiors, leaving an opportunity for new ownership to complete renovations and capitalize on the submarket’s substantial rent growth.
Located at 13643 S.W. Electric St., the transit-orientated community is within two blocks of the MAX Light Rail station, allowing connectivity across the Portland MSA. The apartments are also located near 8.7 million square feet of retail and recreational amenities and offer immediate access to several of Oregon’s largest economic drivers including Downtown Portland and two of the largest athletic apparel and technology firms globally.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
“Courtyard at Cedar Hills is an exceptional transit-oriented, value-add opportunity in a submarket with high barriers to entry,” Virden noted. “Beaverton has a remarkable growth story thanks to expanding employers including several technology and manufacturing companies planting flags nearby. Located steps from Downtown Beaverton and walking distance to the MAX, the property has benefitted from significant public and private reinvestment that has transformed the surrounding community into a highly walkable neighborhood with several exciting restaurants and other businesses.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
