A partnership between Security Properties and an affiliate of Rockwood Capital closed on the acquisition of NV Apartments, a 284-unit multifamily property in Portland.
Built in 2016 and located in the city’s North Pearl District, the property’s residential floorplans are comprised of one and two-bedroom units across a standard, townhome, loft, and penthouse spec. The property also features about 4,100 square feet of ground level retail space, and its community amenities include an outdoor dog run and wash station, private dining room area, bike storage and repair station, fitness center, yoga studio, resident lounge, and large third floor courtyard area.
The property was delivered prior to Portland’s Inclusionary Housing Program, resulting in all units being leased at market rates. The property will be managed by Security Properties-affiliate Security Properties Residential.
The financial terms of the acquisition were not disclosed.
“The acquisition of NV represented a unique opportunity to purchase a well-located, trophy high-rise at a compelling basis relative to replacement cost,” said Alex Gauper, senior director at Security Properties. “As Portland’s urban core continues to build momentum, we believe NV is well positioned to fully capture the benefits of this trend and are excited to grow our existing portfolio in the area.”
Matthew Friedman, managing director at Rockwood Capital, added, “We are delighted to have acquired NV Apartments at an attractive price in Portland’s dynamic mixed-use Pearl District. The acquisition reflects our belief in the importance of mixed-use nodes, and we are excited to participate in the Pearl District’s renaissance by partnering with Security Properties on this investment.”
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