$32.15M sale completed for Courtyard at Cedar Hills near Portland
JLL Capital Markets closed the sale of the 145-unit property in Beaverton, OR
PORTLAND, Ore. Mar. 25, 2021 – JLL Capital Markets announced today that it closed the $32.15 million sale of Courtyard at Cedar Hills, a 145-unit value-add multi-housing 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.
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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, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Virtu Investments
Virtú Investments, headquartered in Larkspur, CA, is a multifamily real estate investment firm primarily engaged in the acquisition and management of apartment properties in the western United States. Since its founding in 1997, Virtú has acquired and operated 130+ properties, totaling 24,000 units and over $2.8BN in real estate. Over more than two decades of focused multifamily investing, Virtú has consistently achieved above-market returns through a highly selective acquisitions practice and a fully integrated, in-house property management firm.
About Hamilton Zanze
Hamilton Zanze is a private, San Francisco-based real estate investment company that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $4.8 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 92 properties (21,536 units) across 15 states and 27 markets. For additional information, visit www.hamiltonzanze.com.