CBRE has facilitated the sale of Tessera at Orenco Station, a 304-unit multifamily community in Hillsboro, Oregon. The property was sold by Seattle-based Security Properties and represented by CBRE’s Josh McDonald, Joe Nydahl and Phil Oester.
Tessera at Orenco Station was built in 2014 and is situated at 6523 Northeast Cherry Drive. This four-story complex consists of three buildings with one-, two-, and three-bedroom units averaging 807 square feet. Each unit features stainless steel appliances, granite countertops, and in-unit washers/dryers. Community amenities include an outdoor pool/spa, fitness center, game lounge,and business center.
The location also offers convenient access to Highway 26 as well as top tech employers such as Intel’s Ronler Acres campus,Nike World Headquarters,Salesforce,Tektronix,and Adobe.Housing investment activity may be slowing down nationally,but Portland saw $226 million worth of multifamily sales during the third quarter according to CBRE Research.
“We are witnessing a significant increase in investor interest for various types of multifamily properties within the Portland MSA.The sale of Tessera reflects this trend.With its desirable location,demographics,and growing gap between single-family home payments vs.rental payments,the buyer can expect stable demand for years to come.”
Josh McDonald,CBRE
The article “CBRE Facilitates $99M Sale Of Multifamily Property In Hillsboro” originally appeared on Connect CRE.
