NE Bend apartments sold for $52 million
SEATTLE -- A 205-unit apartment complex at the foot of Pilot Butte in northeast Bend has been sold for $52 million to a Seattle-based property firm and an unnamed university endowment.
The seller was Evergreen Housing Development Group LLC, a Seattle-based development group/
Here's the announcement, received Friday:
On March 5, 2020, Security Properties and a university endowment purchased Outlook at Pilot Butte, a 205-unit, Class-A multifamily community located in Bend, OR for $52,000,000. This is Security Properties' third acquisition in the Bend market.
Outlook at Pilot Butte is conveniently located on Bend's eastside just a five minute drive from Downtown. The property is situated at the base of Bend's most iconic landmark, Pilot Butte. The 114-acre Pilot Butte State Scenic Viewpoint rises nearly 500 feet above its surroundings and includes a two-mile hiking trail to the summit. More than 750,000 locals and tourists visit Pilot Butte each year.
In recent years Bend has become nationally recognized for its relatively low cost of living paired with its high quality of life. Outdoor enthusiasts frequent the varying bike trails and walking paths, innumerable golf courses, rivers, and proximate ski resorts. Bend also boasts an array of breweries and restaurants, as well as the Les Schwab Amphitheatre, an outdoor, riverfront venue that hosts a mix of year round concerts and events. The area has become home to a diverse and ever-expanding business community, anchored by a mix of biomedical companies, regional hospitals, national-scale microbreweries, resorts, and Silicon Valley tech transplants.
The units at Outlook at Pilot Butte offer a mix of 1- and 2- bedroom floorplans. The apartment homes feature well-appointed kitchens, air conditioning, spacious walk-in closets, in-unit full-size washers and dryers, as well as private patios / balconies. Additionally, the property offers a clubhouse with resident lounge, best-in-class fitness center, game room, bicycle storage facility and both an outdoor fireplace and fire pit lounge.
The asset represents a core-plus investment with light interior and exterior renovation characteristics. SP will be adding cosmetic upgrades to unit interiors as well as enhancing the existing amenity spaces.
Alex Gauper, Investment Manager at Security Properties says, "Bend continues to be a top target market for SP due to its compelling combination of affordability and overall quality of life. This is a top-of-the-market asset that will combine well with our existing market footprint and provide excellent returns for our investors as Bend continues to grow."
The property will be managed by Security Properties-affiliate Security Properties Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.
