Security Properties Acquires 440-Unit Apartment Community in Oregon for $84.3M
BEAVERTON, ORE. — Security Properties has purchased Arbor Creek, a garden-style apartment community located at 3280 SW 170th Ave. in the Portland suburb of Beaverton. Jackson Square Properties sold the property for $84.3 million.
Charles Halladay, Scott Gilson and Charlie Watson of HFF arranged a seven-year, floating-rate loan through Freddie Mac’s CME Program for the buyer.
Situated on 22 acres and originally completed in 1984, Arbor Creek features one- and two-bedroom units, averaging 768 square feet, 360 of which have been renovated since 2012. Community amenities include a swimming pool, spa, fitness center, basketball/sport court, indoor racquetball court, playground, clubhouse and business center.
Ira Virden and Carrie Kahn of HFF represented the seller in the transaction.