Westview Heights, located in Portland, Oregon, was sold on October 31, 2018 for $60,500,000 ($307,107 per unit). Originally acquired in August 2017 for $44,800,000 ($227,411 per unit), this 2002 built asset is situated on 7.6 acres just off Highway 26 and is adjacent to Hillsboro and Beaverton. The property is anchored by a strong employment base including Intel, Nike and Daimler Trucks North America.
Sares Regis Multifamily Fund, L.P. (Fund I) executed a value-add business plan that focused on continuing the previous ownership’s unit renovation program. Given the larger floorplans, the property attracted a number of families moving into this booming metro, mostly working in the tech industry. Renovations were completed upon natural turnover and most units were completed before disposition.
Taking advantage of strong buyer demand and lack of supply in Portland, Westview Heights was successfully marketing in a competitive bidding process and was sold to a California-based private investor.