Virtú Investments Acquires Courtyard at Cedar Hills in Beaverton, OR
Virtú has acquired Courtyard at Cedar Hills, a 145-unit apartment community located at 13643 SW Electric Street Beaverton, OR
The community is located a mile south of Nike’s worldwide headquarters in the Beaverton submarket of Portland, OR. Virtú is excited about the opportunity to secure this investment using a long term, fixed rate, low leverage, interest-only financing. This loan structure will provide stability to the cash yield and a less volatile total return over a long hold period.
Courtyard at Cedar Hills is a two story garden style apartment community located in the “Silicon Forest” area that encompasses the corridor between Beaverton and Hillsboro, just west of Portland, and includes major employers such as Nike, Intel, and Tektronix. Constructed in two phases from 1969 to 1975, the units are equally split between one, two, and three bedroom floor plans. The property offers competitive unit sizes with an average of 900 square feet and a highly desirable location given its proximity to thousands of jobs, the MAX light rail system, and large amounts of new retail.
Virtú is excited by the unique opportunity to acquire a true value-add community that has both a substantial opportunity to raise rents to match those of its competitors and to participate in true market momentum.