Portland-Area Multifamily Trades for $47M
DB Capital Management has sold a 137-unit, garden-style community in Beaverton, OR to FPA Multifamily.
BEAVTERTON, OR – FPA Multifamily has acquired a 137-unit, value-add, garden-style multifamily community in Beaverton, OR from DB Capital Management for $47 million.
The community, Summit at Hyland Park, was originally constructed in 1985, and it was renovated in 2016, prior to being updated in 2020.
Located at 14305 SW Sexton Mountain Dr., Summit at Hyland Park comprises one-, two- and three-bedroom floorplans. The units feature vinyl plank and carpet flooring, quartz countertops, stainless steel appliances, in-unit washers and dryers, walk-in closets, wood-burning fireplaces and a private balcony or patio. The property offers community amenities, including a clubhouse, dog park, pool and spa, fitness center, business center and barbeque area.
The property offers residents connectivity to downtown Beaverton, Hillsboro and downtown Portland through Beaverton Transit Center, TriMet Busline 62, Highway 26, Highway 217, Highway 210 and Interstate 5.
The community is situated within three miles of vast retail amenities, including Progress Ridge TownSquare, Murray Scholls Town Center, Washington Square Mall, Greenway Town Center and Cedar Hills Crossing. The property is additionally situated near recreation properties, including Hyland Forest Park, Sexton Mountain Meadows Park, Greenway Park, Summerlake City Park, Cooper Mountain Nature Park, Dirksen Nature Park and Woodard Park.
A JLL capital markets team, led by senior managing director Ira Virden, senior director Carrie Kahn and associate Frank Solorzano, represented the seller in the transaction.