#United States #Portland #Security Properties #NV Apartments #Rockwood Capital

Acquiring Prime Real Estate in Portland

In a strategic move that underscores the growth potential of Portland's real estate market, Security Properties and its partner Rockwood Capital have finalized the acquisition of NV Apartments. This multifamily property, built in 2016, boasts 284 units and is located in the sought-after North Pearl District, a vibrant area renowned for its eclectic mix of lifestyle amenities and cultural attractions.

A Perfect Location

NV Apartments sits prominently on 13th Avenue, which is one of Portland's bustling thoroughfares. Residents benefit from proximity to numerous retail, dining, and recreational options that are all within walking distance. Notably, the property is just a short walk away from a Safeway grocery store and Fields Park, a lush green space that spans 3.2 acres, complete with jogging paths and an off-leash dog park, enhancing the quality of life for residents.

The appeal of NV Apartments is further amplified by its contemporary design. The units are available in various configurations including one and two-bedroom formats, as well as townhome, loft, and penthouse styles. Inside, the apartments are equipped with upscale finishes, such as modern wood-grain laminate cabinets featuring under-mount lighting, stainless steel appliances, durable countertops, and sleek vinyl plank flooring.

Enhanced Community Amenities

Community-oriented in its design, NV Apartments also offers a range of amenities that foster a sense of belonging among its residents. This includes an outdoor dog run, a wash station, a private dining area, bike storage and a repair station, a fitness center, and a yoga studio. A resident lounge and a spacious courtyard on the third floor further provide perfect spaces for relaxation and social interaction.

Moreover, the property offers approximately 4,100 square feet of retail space on the ground level, enhancing its mixed-use appeal and creating additional conveniences for those who live there.

Strategic Investment

The partnership's leaders expressed their enthusiasm about this acquisition. Alex Gauper, Senior Director at Security Properties, stated that the deal presented a unique opportunity to acquire a premier high-rise building at a compelling price relative to replacement costs. As Portland's urban center gains more momentum, NV Apartments is poised to capitalize on this trend, benefiting the partnership's existing portfolio in the region.

Matthew Friedman, the Managing Director at Rockwood Capital, shared similar sentiments, emphasizing the significance of investing in mixed-use developments within dynamic neighborhoods like Portland's Pearl District. He noted that acquiring NV Apartments at an attractive price reflects their commitment to being part of the Pearl District's evolving landscape.

About the Companies

Security Properties is a nationally recognized real estate investment, development, and operating company with its roots in Seattle, Washington. Established over five decades ago, the firm has managed to acquire or develop more than 111,000 residential units, echoing its dedication to quality housing and exceptional investment returns.

Rockwood Capital, on the other hand, is a seasoned real estate investment management firm. Since its founding in 1995, it has specialized in providing capital and expertise for various property transformations across the United States, boasting a portfolio valued at approximately $13.1 billion.

With Security Properties Residential managing NV Apartments, residents can expect professional management services aimed at delivering a positive living experience while upholding the value of the property. This acquisition, therefore, not only bolsters both companies' portfolios but also enhances Portland's residential landscape.