Security Properties Acquires NV Apartments in Portland, Oregon

SEATTLE, Dec. 19, 2024 /PRNewswire/ -- A partnership between Security Properties and an affiliate of Rockwood Capital closed on the acquisition of NV Apartments, a 284-unit multifamily property built in 2016 and located in Portland, Oregon, the two firms announced today.

The property is located within Portland's highly desirable North Pearl District. Situated along one of the city's most dynamic corridors on 13th Avenue, NV benefits from its location near a vast range of retail, dining, and recreational options all within walking distance. Among other notable amenities, the property is just three blocks from a Safeway grocery store and one block from Fields Park, with 3.2 acres of serene open space, a jogging path, and an off-leash dog park.

The residential floorplans are comprised of one and two-bedroom units across a standard, townhome, loft, and penthouse spec. The property was delivered prior to Portland's Inclusionary Housing Program, resulting in all units being leased at market rates. The unit interiors feature modern wood grain laminate cabinets with under-mount lighting, stainless steel appliances, hard surface countertops with under-mount sinks, and vinyl plank flooring.

The community amenities include an outdoor dog run and wash station, private dining room area, bike storage and repair station, fitness center, yoga studio, resident lounge, and large third floor courtyard area. The property also features about 4,100 square feet of ground level retail space. While the asset currently offers a high-end amenity package and well-appointed living units, the partnership has identified several opportunities to further emphasize these strengths.

According to Alex Gauper, Senior Director at Security Properties, "The acquisition of NV represented a unique opportunity to purchase a well-located, trophy high-rise at a compelling basis relative to replacement cost. As Portland's urban core continues to build momentum, we believe NV is well positioned to fully capture the benefits of this trend and are excited to grow our existing portfolio in the area."

Matthew Friedman, Managing Director at Rockwood Capital, added, "We are delighted to have acquired NV Apartments at an attractive price in Portland's dynamic mixed-use Pearl District. The acquisition reflects our belief in the importance of mixed-use nodes, and we are excited to participate in the Pearl District's renaissance by partnering with Security Properties on this investment."

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 111,000 residential units at a cost of over $12.2 billion across more than 670 assets. 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 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 live-space, workspace, retail, hotel, mixed-use, and industrial properties in key markets throughout the United States. 

Rockwood is a more than 80-person organization with offices in New York, San Francisco, and Los Angeles. Since inception, Rockwood and its principals have invested in approximately $39.4 billion of real estate and real estate-related assets (gross asset value). As of Q3 2024, Rockwood manages a portfolio of approximately $13.1 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 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 United States and select markets, 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.

Press Contact:

For Security Properties:
Ed McGovern, (206) 622-990
[email protected]

For Rockwood:
Lambert
Caroline Luz, (203) 570-6462
[email protected]

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SOURCE Security Properties