Safety Properties Completes Off-Market Acquisition of 938-Unit Multifamily Housing Portfolio in Portland and Denver Markets

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Security Properties Completes Off-Market Acquisition of 938-Unit Multifamily Housing Portfolio in Portland and Denver Markets

SEATTLE, WA – A partnership between Security Properties and a subsidiary of Rockwood Capital has completed an acquisition of three real estate portfolios, the companies announced. The acquisition consists of The Ardea, a class A multi-family high-rise with 323 units in Portland, OR; Windward, an A + 200-unit mixed-use project in Lake Oswego, OR; and The Metro, a 415 unit Class A asset in Denver, CO.

Davis Vaughn, Senior Director at Security Properties, said, "This is one of the most exciting acquisitions in over 50 years of history. Off-market acquisitions of this magnitude are extremely rare, especially given the quality of the portfolio. We feel like we are buying the leader Suburban asset across the Portland MSA in Windward, a trophy skyscraper in Ardea on a significantly below replacement cost base, and a well-located urban metro asset ready to benefit from continued growth in Denver Flagships We look forward to further expanding the SP footprint on the West Coast. "

"Consistent with our overarching property value investment thesis, each asset is strategically located within its marketplace, providing tenants with access to outdoor facilities, retail options and proximity to employment offices," said Matthew Friedman, a managing director of Rockwood Capital. "Windward and Ardea are exceptionally high quality assets in addition to their compelling frameworks, while Metro offers a solid value creation opportunity in the dynamic Denver marketplace. Overall, we are extremely excited to add such a high quality portfolio of assets to our target markets."

Ardea is a 323-unit high-rise residential complex in the South Waterfront neighborhood of Portland, OR. The neighborhood is a newly developed area on the west bank of the Willamette River, just 10 minutes south of Portland & # 39; s central business district and anchored by the city's largest employer, Oregon Health and Science University.

The Windward is a 200 unit, three building community in Lake Oswego, OR, built in 2018 with 14,166 square feet of retail space on the ground floor. The location is in the heart of downtown Lake Oswego, the zip code with the highest median income in the state of Oregon.

The Metro is a 415-unit residential complex in Denver, CO. The metro is located in the Ball Park district, which gives residents easy access to the city center and nearby neighborhoods. Union Station, the central hub, is within walking distance of the Denver regional transit system.

The properties are managed by Security Properties Residential.

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