Sale of Portland area multi-housing community closes
JLL Capital Markets arranged the sale and acquisition loan for Seven West at the Trails in Beaverton
PORTLAND, ORE. – Oct. 26, 2021 – JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Seven West at the Trails (“Seven West”), a 423-unit, garden-style multi-housing community in the Portland suburb of Beaverton, Oregon.
JLL marketed the property on behalf of the seller, a separate account managed by LaSalle Investment Management. Greystar Real Estate Partners LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing acquired the property. Additionally, working on behalf of the new owner, JLL secured the loan through a global financial institution.
Seven West comprises one-, two- and three-bedroom units averaging 821 square feet. Units feature stainless steel appliances, walk-in closets, balcony/patio and washer and dryers. The community offers a clubhouse, two outdoor pools, a 24-hour fitness center, dog park, playground and barbeque area.
Located at 14790 SW Scholls Ferry Rd., Seven West is within the Portland MSA near some of the areas largest employers, including Columbia Sportswear and Providence St. Vincent Medical Center. In addition, dozens of high-tech companies call the Beaverton-Hillsboro area home. Within a three-mile radius of the community, residents have access to over 6.1 million square feet of retail amenities including Washington Square Mall and Progress Ridge TownSquare. Residents also have access to outdoor recreational areas such as Summerlake City Park, Cooper Mountain Nature Park and Greenway Park.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Directors Charles Halladay and Andy Scott, Senior Director Jamie Kline and Analyst Charlie Vorsheck.
“Beaverton continues to be a preferred submarket amongst investors due to outstanding fundamentals fueled by the growth of top employers such as Nike, Intel and a plethora of growing technology and healthcare companies situated just minutes away. Seven West is a unique opportunity to acquire significant scale with a proven value-add component,” said Virden.
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 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, we manage approximately $73 billion of assets in private equity, debt and public real estate investments as of Q2 2021. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit https://www.lasalle.com/ and LinkedIn.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $220 billion of real estate in more than 210 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 748,000 units/beds, and has a robust institutional investment management platform with approximately $45.1 billion of assets under management, including over $21.3 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit http://www.greystar.com.