$47M multi-housing property near Portland sells
JLL Capital Markets completed the sale of the 137-unit Summit at Hyland Park located in Beaverton, Oregon
PORTLAND, Jan. 10, 2022 – JLL Capital Markets announced that it has closed the $47 million sale of Summit at Hyland Park, a 137-unit, value-add, garden-style multi-housing community located in Beaverton, Oregon.
JLL represented the seller, DB Capital Management. FPA Multifamily acquired the asset.
Built in 1985, renovated in 2016 and updated in 2020, Summit at Hyland Park consists of one-, two- and three-bedroom units with luxury vinyl plank and carpet flooring, quartz countertops, stainless steel appliances, in-unit washers and dryers, walk-in closets, a wood-burning fireplace and a private balcony or patio. Community amenities include a community clubhouse, a dog park, a pool and spa, a fitness center, a business center and a barbeque area.
Located at 14305 SW Sexton Mountain Dr., the property is with a three-mile radius of over 10 million square feet of retail amenities including Progress Ridge TownSquare, Murray Scholls Town Center, Washington Square Mall, Greenway Town Center and Cedar Hills Crossing. The property is proximate to recreation options such as Hyland Forest Park, Sexton Mountain Meadows Park, Greenway Park, Summerlake City Park, Cooper Mountain Nature Park, Dirksen Nature Park and Woodard Park. Residents are also within close distance to the region’s largest employers such as Intel, an industry Leading footwear company world headquarters, Providence St. Vincent Medical Center and the “Silicon Forest,” a dense concentration of premier technology companies. In addition, the property’s location offers residents connectivity to downtown Beaverton, Hillsboro and downtown Portland through Beaverton Transit Center, TriMet Busline 62, Highway 26, Highway 217, Highway 210 and Interstate 5.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 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. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About DB Capital Management
DB's mission is to be the leading multifamily investment group in each of their focus markets and always exceed clients' expectations. DB is strategically aligned with both its property management group as well as its general contractor in order to provide transparency and accessibility on the asset management side. DB currently invests in 5 states, with approximately half of its portfolio based in Texas. For more information about DB Capital Management, visit dbcap.com.
About FPA Multifamily
FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation, and management of both core-plus and work force housing apartment communities. Founded in 1985, FPA has owned over 130,000 apartment units valued at over $15.0 billion. Headquartered in San Francisco, FPA also has offices in Atlanta, Chicago, Dallas, Denver, Irvine, Minneapolis, and Washington DC. For more information, please visit fpamf.com.