Sequoia Equities Inc. buys Waterhouse Place, its sixth purchase in the Portland area since 2011.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Sequoia Equities Inc. bought Beaverton’s Waterhouse Place, its sixth purchase in the Portland area since 2011.
The complex has 279 units and is a mile from Nike’s headquarters.
“Sequoia owns and manages more than 2,000 units in the area already,” said Pat Reilly, a general partner, vice president and director of acquisitions for Sequoia, “so we were fortunate to take advantage of a property that has been exceptionally maintained and improved over the years by institutional owners.”
The acquisition was facilitated by Ira Virden of HFF. Sequoia plans to invest more than $3 million to modernize the apartments and amenities of the property. Sequoia’s management arm will provide the day-to-day management services for the building.
(SOURCE: Portland Business Journal)
The terms of the deal were not disclosed.
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