Frick adds that “This is an example of the class B properties following the tremendous rebound we’re seeing in large new institutional properties. The Portland market is clearly on the map now for institutional money.”

According to Dowell, “the Beaverton Portfolio can be enhanced with a capital improvement program that will position it well.” The Beaverton Portfolio consists of three garden-style complexes named Richmond Park, Richland Terrace and Willow Grove.

Richmond Park consists of 19 buildings and offers residents a host of amenities including heated outdoor pool, year-round outdoor spa, clubhouse with game room, 24-hour fitness center and car wash area. The one-, two- and three-bedroom residences provide full-size washer/dryers, walk-in closets, wood-burning fireplaces, private decks/patios and oversized garages with extra storage. The sale price of $12.5 million represents $125,000 per unit, according to HFO.

Richland Terrace is comprised of 15 buildings and is located 150 yards from the entrance to Nike’s global headquarters. The complex offers private access to Terpenning Recreational Park that features basketball, volleyball, badminton, tennis, swimming, football and soccer fields, baseball and softball diamonds, walking trails, an indoor track, table tennis, youth sports leagues and a preschool. Residences offer washer/dryers, wood-burning fireplaces, private decks/patios, in a variety of one-, two- and three-bedroom layouts. Richland Terrace sold for $9.95 million or $119,879 per unit, according to HFO.

Willow Grove is located in the heart of Beaverton and is a community of 13 buildings, and a block away from MAX light rail, providing an easy commute to Downtown Portland. Amenities at the Willow Grove include a fitness center, outdoor pool and spa, sauna, and a community center. The property also backs up to Center Street Park, which has a playground, basketball courts, tennis courts, picnic areas, wetland trails and an elevated boardwalk. Seven schools in the award-winning Beaverton School District and eight parks can be found within a one-mile radius of the complex. Willow Grove homes feature wood-burning fireplaces, full-size washer/dryers, large private decks with extra storage and some vaulted ceilings in a mix of one-, two- and three-bedroom units. According to HFO, an average unit size is 935 square feet and average rent of $860 with occupancy of 98%. It sold for $11.85 million.

“Security Properties is pleased to enter into its new partnership with the Praedium Group with the acquisition of the Beaverton Portfolio,” explains David Dufenhorst, chief investment officer for Security Properties. “The boutique nature of each of the assets differentiates them from their competition, and we are bullish on the economic drivers of the Beaverton/Hillsboro submarket. The properties are prime for renovation given they have been well-maintained and offer functional floor plans and modern amenities that are appealing in today’s market.”

As part of its ongoing investment strategy, Praedium continues to manage the properties within its existing portfolio, while also actively identifying and acquiring assets throughout the country through the Praedium Fund VII LP, is a $900 million real estate private equity fund with purchasing power of $3 billion.