Apartment building near Nike, Intel sells for $20M

Courtyard at Cedar Hills sells on strength of growing giants in Portland suburbs.

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Courtyard at Cedar Hills was sold on the strength of its proximity to Intel and Nike for $20 million.

The sale closed after the complex was on the market for four weeks.

Part of the appeal for the California investment firm that bought the property, Virtú Investments LLC, was the fact that Courtyard at Cedar Hills is located not far from the headquarters of Nike and Tektronix. Massive expansion plans by Nike and Intel didn’t detract from the property’s appeal at all, either, and in fact they’re part of the reason that Virtú plans to renovate the unit interiors and community spaces.

“Investors saw a clear path to reposition Courtyard at Cedar Hills and take advantage of Beaverton and Washington County’s strong economic growth,” said Graham Taylor, a senior associate on the the CBRE Capital Markets team who, along with CBRE’s Carrie Kahn, represented the seller, Prime Residential. “The unmistakable renovation opportunity became quite apparent to many new bidders when Courtyard at Cedar Hills was compared to the neighboring communities already being repositioned.”

(SOURCE: Portland Business Journal)

The Beaverton property with 145 units sold for $20 million.

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