Security Properties Acquires Tessera At Orenco Station In Hillsboro, OR
On September 5, 2018, Security Properties and Pacific Life Insurance Company purchased Tessera at Orenco Station, a 304-unit multifamily property built in 2014 and located in Hillsboro, OR for $85,000,000. Security Properties now owns a total of eight assets in the Portland marketplace Tessera is located within the outlying suburbs of the PortlandMetropolitan Area in Hillsboro, OR. Currently the state's fifth largest city with over 100,000 residents, Hillsboro enjoys award-winning urban planning, an affordable cost of living, a strong economic base and one of the state's most diverse populations. Often referred to as the Silicon Forest, Hillsboro is most widely recognized for the cluster of high-tech companies located within its boundaries. Case in point, Intel's Ronler Acres campus is now the company's largest operating hub and the site of its research and development group as well as its most advanced technical operations and top executives. The campus is conveniently located less than one mile directly north of the property.
From a retail perspective Tessera sits in an excellent pocket of Hillsboro. Residents benefit from access to an array of walkable amenities highlighted by The Orenco Station Town Center. The Town Center is located less than ½ mile north of the property and is anchored by a New Seasons Market, Starbucks and a variety of boutique restaurants. The Town Center also plays host to a local farmers' market on Sundays. The property offers outstanding regional connectivity as the Orenco MAX Station is located just a single block south (~3 minute walk) and offers access to a total of 97 stations covering 60 miles. Major stops along the light rail track include Beaverton (home to Nike's World HQ), downtown Portland and the Portland International Airport.
The business plan is to upgrade all eight of the property's designated common area spaces to offer top of the market amenities. The interiors will also be updated with vinyl plank flooring throughout all living areas, under-cabinet access lighting and a comprehensive technology package.
According to Davis Vaughn, Senior Director at Security Properties, the acquisition was made because, "Hillsboro has excellent fundamentals with convenient access to high paying employers. With the combination of walkable retail and a location adjacent to the light rail station, we feel Tessera is well positioned to be the top asset in the market once our value-add upgrades are complete."
The property will be managed by Security Properties-affiliate Security Properties Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 48 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.
About Pacific Life
Celebrating 150 years of service, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2018 is compiled by Pacific Life using the 2018 FORTUNE 500® list.