Walnut Creek, California (EastBayDaily) — Sequoia Equities, Inc. announces the acquisition of Center Pointe Apartments, a 264-unit, apartment community in Beaverton, Oregon. This marks the second purchase in the Portland submarket for the privately held real estate investment company, which operates a portfolio of more than 11,000 units throughout California, Nevada, and Washington.
Center Pointe is situated on 19.17 acres in 12, two- and three-story residential buildings, one single-story clubhouse/office building, and one fitness center. The property offers one, two, and three bedroom apartment homes. The asset itself has an excellent location in Beaverton, Oregon less than one mile from Nike’s World Headquarters and approximately five miles from Oregon’s largest employer, Intel.
Sequoia Equities' Senior Vice President, Bill Brooks says, "The Portland market area in general, and the Silicon Forest in particular, supports a progressive and vibrant business culture and high quality of living that will continue to attract a strong renter base to this area. To maximize Center Pointe’s attractiveness to this relatively affluent demographic, we will immediately embark on a significant property-wide renovation intended to take the property from its 1996 vintage to one that is much closer to new construction.
The apartment community was purchased from an affiliate of Equity Residential, with financing provided by Fannie Mae. Sequoia Equities will also provide the operational management services for the property.
Sequoia Equities, Inc.