Surprise, surprise. A California Investor.
It’s not the first time, and it won’t be the last, that you’ve heard this one: a California real estate investment firm has acquired a Portland-area apartment complex.
Sequoia Equities Inc., one of the largest privately held real estate investment firms on the West Coast with a portfolio worth more than $3 billion, has purchased Waterhouse Place in Beaverton. The 279-unit apartment building is the third Beaverton-Hillsboro submarket acquisition for Sequoia — and its sixth in the greater metro region — since 2011.
Built in 1990, Waterhouse Place includes 261,464 rentable square feet in 26, two- and three-story residential buildings. Located at 600 N.W. 158th Ave., the complex is about a mile from Nike’s headquarters and five from Intel’s. The sale price was not immediately disclosed. According to information from the city of Portland, the complex last sold in November 2013 for $40.8 million to a Vancouver, Washington, entity called Waterhouse Place Apartments LLC.
“Sequoia owns and manages more than 2,000 units in the area already,” said Pat Reilly, a general partner, vice president and director of acquisitions for Sequoia, “so we were fortunate to take advantage of a property that has been exceptionally maintained and improved over the years by institutional owners.”
The acquisition was facilitated by Ira Virden of HFF. Sequoia plans to invest more than $3 million to modernize the apartments and amenities of the property. Sequoia’s management arm will provide the day-to-day management services for the building.
The California firm has been busy in the Portland metro region in recent years, as have many others. In January, Sequoia bought Harrison Tower in downtown Portland for $53 million. Other relatively recent acquisitions have included Center Pointe in Beaverton for $34.3 million in 2012 and the Heritage Green Apartments in Vancouver for $30 million in 2011.
What this means for you
This is just another bit of news that is beginning to sound repetitive. Investors from out of state, or even from out of the country, want to put money into the area. Moneyed interests see an opportunity in the growth and development of this great county, which is good news for those who have already bought property.