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| The Huntley, a 62-unit community at 12310 SW Center Street, Beaverton, OR |
Beaverton, OR – Next Wave Investors, LLC (“Next Wave”), a private equity firm focused on value-add multifamily investments, has acquired two multifamily assets in the Portland metro submarket of Beaverton, Oregon for a total of $30.5 million:
The Huntley, a 62-unit community at 12310 SW Center Street and Parker Apartments, a 48-unit community at 17135 SW Heritage Court.
Parker Apartments, a 48-unit community
at 17135 SW Heritage Court, Beaverton, OR
The
Huntley was purchased for $18 million and has nine remaining unrenovated units
offering the opportunity to create value through premium-level finishes.
Parker Apartments, which is located approximately three miles from The Huntley, was acquired for $12.5 million and features 12 classic units that Next Wave will modernize.
The assets are aligned with the firm’s strategy of acquiring multifamily communities in secondary markets poised to benefit from strong area fundamentals and property-level improvements, according to Jordan Fisher, Principal at Next Wave.
Jordan Fisher
“The
Huntley and Parker are well positioned to capitalize on the growing population
and robust employment opportunities provided by the greater Portland metro
area,” says Fisher.
“The Beaverton submarket, in particular, is expected to see average annual rent growth of 7.39% through 2024, as it offers attractive suburban living in close proximity to the urban core.
"Beaverton is also home to the Nike World Headquarters, which recently opened additional facilities, and will provide opportunistic job prospects for many young professionals.
"Additionally, Intel is set out to build a $700 million data center, or ‘mega lab,’ in neighboring Hillsboro.”
David Sloan
David Sloan, Principal at Next Wave, adds: “These acquisitions come on the heels of the addition of 492 multifamily units to our Pacific Northwest portfolio last year, exemplifying our expansion into high-growth submarkets in areas like the Portland Metro, where a booming culinary and active outdoor culture continues to attract renters drawn to a high quality of life at lower costs than other West Coast markets.”
CONTACTS:
Tess Hezlep / Anthea Davis
The Smart
Agency
(949)
438-6262
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