Beaverton apartments sold to California firm


Sequoia Equities Inc. buys Waterhouse Place, its sixth purchase in the Portland area since 2011.

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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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