BEAVERTON, OR—Security Properties, in a joint venture with PCCP, LLC, has purchased Element 170 Apartments, a new construction, class A, 243-unit multifamily property for $39 million.
The buyer purchased the property through its Security Properties Multifamily Fund II. Located in Beaverton, Oregon, a Portland suburb, Element 170 is the latest of eight acquisitions in the fund.
The project was placed under contract in October 2013, began leasing in May of 2014, stabilized operations in January 2015 and was acquired in February by the joint venture.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
