REBusinessOnline

Security Properties, Cigna Investment Buy 348-Unit Apartment Complex Near Portland for $81M

TIGARD, ORE. — A joint venture between Security Properties and Cigna Investment Management has purchased the 348-unit Arbor Heights apartment complex in Tigard for $81 million. The community is located at 15199 S.W. Royalty Parkway in the Beaverton submarket.

The Class A asset was built in 1997. Units feature walk-in closets, full-size washers/dryers and private patios/balconies. The JV plans to carry out a renovation of the property. This will include upgrades to the current amenities, a dog park area and an outdoor kitchen adjacent to the pool. The JV will also add a package concierge, bike storage and outdoor living area.

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