JLL closes $34.1M sale of Beaverton apartment community
Garden-style property is located near major employers in the “Silicon Forest”
PORTLAND, ORE., December 16, 2019 – JLL announced today that it has closed the $34.1 million sale of Terra Murrayhill, a 137-unit, garden-style apartment community located in Beaverton, Oregon.
JLL marketed the property on behalf of the seller, a West Coast-based investor, and procured the buyer, DB Capital Management.
Terra Murrayhill is located near major tech employers within what is known locally as the “Silicon Forest.” The property, which sits on approximately nine acres at 14305 SW Sexton Mountain Drive, is also close to the Beaverton Transit Center providing residents with connectivity to downtown Portland, Hillsboro and the Portland International Airport. The community comprises 15 residential buildings that house a mix of one-, two- and three-bedroom units averaging 891 square feet. Originally constructed in 1985, Terra Murrayhill has recently undergone $3 million in renovations and capital improvements. In addition to the newly upgraded clubhouse, common area amenities include an outdoor pool, hot tub, grilling area, fitness center, business center, dog park, detached garages and direct hiking trail access.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, and Senior Director Carrie Kahn. The DB Capital Management team was led by Vice President – Northwest Region Daniel Terranova, who brings a decade of experience in real estate with a specialty in acquisitions and asset management.
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 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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
DB Capital Management is an investment group focused on owning and operating multifamily property in strategically targeted submarkets across the United States. The DB Capital Management strategy revolves around a hands-on approach to acquisition and asset management, coupled with an extensive understanding of each target investment submarket, which leads to maximum revenue generation and subsequent value.