Montgomery Partners announced its entrance into the Pacific Northwest with the $9M acquisition of Westwood Green, an eight-building, two-story garden-style apartment complex in Tigard, Oregon.
Located just 20 minutes from downtown Portland, between Beaverton and Lake Oswego, Westwood Green spans 4.56 acres across eight two-story buildings. The property was acquired at $169,800 per unit, approximately one-third of replacement cost, with a projected 6.30% year-one proforma cap rate. Montgomery Partners plans to reposition the asset through a targeted renovation strategy to meet strong local demand for quality, attainable housing.
“This acquisition marks a milestone for our firm as we expand our presence into the Pacific Northwest,” said Spencer Palmer, Vice President and General Partner at Montgomery Partners. “In a market with limited deal activity, successfully closing this transaction is a testament to our strategic approach. The property is exceptionally well-located, and we’re eager to begin executing our renovation and repositioning plan to enhance both the asset and the broader Tigard community.”
The value-add strategy includes renovating 45 units, bringing interiors to current market standards. In addition, Montgomery Partners will undertake substantial upgrades to community amenities. Planned improvements include a refreshed pool area, the addition of a dog run, new gas BBQs, a pergola-covered gathering space, a fire pit and lounge area, enhanced landscaping, updated signage, and improved lighting throughout the property.
Located in the highly sought-after community of Tigard, one of the safest neighborhoods in the metro area, the property provides exceptional connectivity to major employers, including the Nike World Headquarters and Intel’s West Coast Headquarters. The property lies within the highly regarded Beaverton School District, offering added value and appeal for families. Residents enjoy unparalleled convenience with a Whole Foods-anchored shopping center right next door, and proximity to Washington Square Mall, Progress Ridge Town Square, and a variety of parks, dining options, and entertainment venues.
