Breckenridge Apartment Homes Acquired by REIT

The REIT plans to implement a value-add strategy to improve the property’s exterior, common area and unit interiors.

By Anca Gagiuc, Associate Editor

Breckenridge Apartment Homes, Portland, Ore.
Breckenridge Apartment Homes, Portland, Ore.

Portland, Ore.—Resource Real Estate Opportunity REIT II, a non-traded real estate investment trust sponsored by Resource Real Estate, announced it has acquired the Breckenridge Apartment Homes. Details about the transaction remain undisclosed.

Breckenridge is a garden style multifamily community with 357 units built in 1985 in the West Hills submarket at 8150 SW Barnes Road. The property sits within five minutes of both Providence St. Vincent Medical center and the Sunset Corridor.

“We are very pleased to be able to execute the purchase of Breckenridge on behalf of Opportunity REIT II and its investors. Portland is among the best cities in the U.S. for attracting young, creative and educated people. Due to its talented labor pool, Portland has seen the breadth of its job opportunities grow as key employers have followed the labor talent in sectors like high-tech, healthcare and apparel. As a result of this population and employment growth, Portland’s apartment market has grown significantly as well, ranking third in the nation for effective rent growth in 2015. We expect that Breckenridge will benefit from the strong market conditions as well as our planned extensive renovation program,” said Kevin Finkel, president & COO of Opportunity REIT II.

Residents at Breckenridge can choose from one- and two-bedroom apartments ranging in size from 644 square feet to 920 square feet. Community amenities include a swimming pool, spa/hot tub, fitness center, racquetball court, tennis court, garages and covered parking, clubhouse, business center, resident lounge, and onsite management. Unit amenities include walk-in closets, balconies/patios, vaulted ceilings, fireplaces and storage options.

Image courtesy of Breckenridge Apartment Homes