Security Properties Acquires 938-Unit Portfolio in Portland and Denver MSAs

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Dec 15, 2020, 07:00 ET

SEATTLE, Dec. 15, 2020 /PRNewswire/ -- On Dec. 14, 2020, a partnership between Security Properties and an affiliate of Rockwood Capital closed on a three-property portfolio acquisition, the companies announced today. The acquisition consists of The Ardea, a 323-unit Class-A multifamily high-rise located in Portland, OR; Windward, a 200-unit Class-A+ mixed-use project in Lake Oswego, OR; and The Metro, a 415-unit Class-A- asset in Denver, CO.

According to Davis Vaughn, Senior Director at Security Properties, "This is one of the most exciting acquisitions in our company's 50+ year history. Off-market acquisitions of this scale are extremely rare, especially considering the quality of the portfolio. We feel we are buying the premier suburban asset in the entire Portland MSA in Windward, a trophy high rise in Ardea at a basis significantly below replacement cost, and a well-located urban asset in Metro, poised to capitalize on Denver's continued growth. By adding these flagship assets to our portfolio, we look forward to continuing to grow the SP footprint across the West Coast."

"Consistent with our over-arching investment thesis regarding the value of a property's setting, each asset occupies a strategic location within its market, offering its tenants access to outdoor amenities, retail options, and proximity to employment centers," said Matthew Friedman, a Managing Director of Rockwood Capital. "Beyond their compelling settings, Windward and Ardea are exceptionally high-quality assets while Metro offers a solid value-add opportunity in the dynamic Denver market. Overall, we are extremely excited to be acquiring such a high-quality portfolio of assets in our target markets."

The Ardea is a 323-unit high-rise apartment community located in the South Waterfront neighborhood of Portland, OR. The neighborhood is a newly developed area situated along the west bank of the Willamette River, just 10 minutes south of Portland'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, 2018-built community in Lake Oswego, OR, with 14,166 square feet of ground-floor retail. The location is at 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 apartment community located in Denver, CO. The Metro is located in the Ball Park neighborhood, which provides residents with convenient access to the downtown core and proximate neighborhoods, and within walking distance of Union Station, the central hub of Denver's regional transit system.

The properties 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 Rockwood Capital

Rockwood Capital is a real estate investment management firm founded in 1995 that provides debt and equity capital combined with real estate operating expertise for the repositioning, development, redevelopment, and recapitalization of residential, office, retail, and hotel space in key markets throughout the United States. Notably, Rockwood has extensive experience in the multifamily sector, represented by the firm's current 34-asset portfolio comprising approximately 9,500 units across the country.

Rockwood is a 75-person organization with offices in New York, NY, San Francisco, CA, and Los Angeles, CA. Since inception, Rockwood and its principals have invested in approximately $32.0 billion of real estate and real estate-related assets (gross asset value). As of Q2 2020, Rockwood manages a portfolio of approximately $9.1 billion (gross asset value). Rockwood's international investor base includes sovereign wealth funds, public and private pension funds, endowments, foundations, insurance companies, funds of funds, high net worth individuals, and family offices. For more information, visit www.rockwoodcap.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.

News Media Contacts:

For Security Properties:
Ed McGovern, 206.628.8019
[email protected]

For Rockwood:
Caroline Luz, 203.656.2829
Lambert & Co.
[email protected]

Related Images
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The Ardea

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The Windward

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The Metro

SOURCE Security Properties