A partnership between Security Properties and an affiliate of Rockwood Capital closed on a three-property portfolio acquisition.
The acquisition consists of The Ardea, a 323-unit class-A multifamily high-rise located in Portland, Ore.; Windward, a 200-unit class-A+ mixed-use project in Lake Oswego, Ore.; and The Metro, a 415-unit class-A- asset in Denver.
Davis Vaughn, senior director at Security Properties, said, “This is one of the most exciting acquisitions in our company’s 50-plus year history. Off-market acquisitions of this scale are extremely rare, especially considering the quality of the portfolio. We feel we are buying the premier suburban asset in the entire Portland MSA in Windward, a trophy high rise in Ardea at a basis significantly below replacement cost, and a well-located urban asset in Metro, poised to capitalize on Denver’s continued growth. By adding these flagship assets to our portfolio, we look forward to continuing to gr
