BEAVERTON, OR—Berkadia has executed the sale of Wyndham Park I & II, a portfolio of communities in Beaverton. Managing director Phil Oester and director Joe Nydahl of the Portland office facilitated the transaction. The properties sold for a combined $63.9 million on June 5. Wyndham Park I sold for $34.5 million, reflecting a per-unit price of $151,342 and Wyndham Park II sold for $29.4 million, reflecting a per-unit price of $150,738.
The buyer of both properties was Holland Acquisition Co., LLC of Vancouver, WA and the seller was KI-Wyndham Park, LLC of Liberty Lake, WA. Holland Acquisition plans to renovate the properties' units and common areas and merge the two into one cohesive garden-style community. This acquisition involved an assumption of two Freddie Mac loans.
“This is a great example of creating value through expansion," Oester said. “This is an ideal value-add property where a small investment in interior upgrades and repositioning the combined properties into a larger, amenity rich community can have big rewards."
The properties are located at 14700-14790 Southwest Scholls Ferry Road and at 11600 SW 147th Terrace.
Wyndham Park I is a 228-unit property that was built in 1996 and features one-, two- and three-bedroom layouts. Wyndham Park II is a 195-unit property that was built in 1987.
Wyndham Park I and II share an entryway across from the upscale Murray Scholls Town Center and are walking distance to Progress Ridge Townsquare, which is anchored by New Seasons Market. The area's top employers include Nike, Inc., Intel Corp., and Tektronix.
Portland metro area vacancy tightened 40 basis points over the last three months to 3.8% in March 2015. Monthly asking rents advanced 6.7% across the metro area annually, with the Beaverton submarket leading the surge at 9.8% to an average rent of $1,151.
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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.
