A partnership between Security Properties and an affiliate of Rockwood Capital closed on the acquisition of NV Apartments, a 284-unit multifamily property built in 2016 and located in Portland, Oregon.
Located in Portland’s North Pearl District, the property is situated along one of the city’s most dynamic corridors, 13th Avenue. NV benefits from its location near a wide range of retail, dining, and recreational options, all within walking distance. The property will be managed by Security Properties-affiliate Security Properties Residential.
The residential floorplans consist of one- and two-bedroom units. The interiors feature modern wood grain laminate cabinets with under-mount lighting, stainless steel appliances, hard surface countertops with under-mount sinks, and vinyl plank flooring.
“The acquisition of NV represented a unique opportunity to purchase a well-located, trophy high-rise at a compelling basis relative to replacement cost,” said Alex Gauper, Senior Director at Security Properties.
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 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 111,000 residential units at a cost of over $12.2 billion across more than 670 assets. Security Properties maintains a focused multifamily strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western United States and select markets, Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction, and compliance management services that create positive living environments for residents and build value for clients.
