Washington Investor Scoops Up Rip City Apartments
- Jul 14, 2015
Two multifamily communities in Beaverton, Ore. have recently changed hands in a $63.9 million deal secured by Berkadia. The company’s Portland office arranged the sale of Wyndham Park I & II, a portfolio of communities totaling 423 units, through a team led by managing director Phil Oester and director Joe Nydahl.
According to a news release, KI-Wyndham Park LLC sold the portfolio to Washington-based Holland Acquisition Co. LLC for a combined $63.9 million. Wyndham Park I had a price tag of $34.5 million, while Wyndham Park II sold for $29.4 million. The deal, which involved the assumption of two Freddie Mac loans, closed in early June 2015.
Holland Acquisition intends to renovate the two properties and merge them into one larger garden-style community. According to Phil Oester, the asset is “an ideal value-add property where a small investment in interior upgrades and repositioning the combined properties into a larger, amenity rich community can have big rewards.”
Wyndham Park I is a 228-unit community located at 14700-14790 SW Scholls Ferry Road that incorporates one-, two-, and three-bedroom apartments built in 1996. Amenities include two swimming pools, Jacuzzi and sauna, fitness and business facilities, clubhouse and children’s playground.
The 195-unit Wyndham Park II offers residents amenities such as a swimming pool, Jacuzzi and sauna, fitness center, clubhouse and parking garages.
The two communities are conveniently located in Beaverton’s upscale Murray Hill neighborhood, and offer easy access to downtown Portland, the Cedar Hills Shopping Center and the Washington Square Mall.
The city of Beaverton is one of the most walker-friendly communities in the country, and was named one of the Top 25 Suburbs for Retirement by Forbes Magazine in 2011.
Image courtesy of Wyndham Park