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A large multifamily investment firm in California is looking to take advantage of Portland’s booming apartment market.

out of Walnut Creek, Calif., has acquired a 264-unit property called the Center Pointe Apartments in Beaverton from Chicago-based Equity Residential for $34.33 million. The property consists of 12 two- and three-story buildings that the company plans to improve in order to upgrade its rating from a Class B to a Class A asset.

Jeff Williams, Chris Roth and Tim Brown of represented the seller in the sale, according to CoStar.

Sequoia represented itself in the purchase. Patrick Reilly, general partner and director of acquisitions for Sequoia, said Center Pointe is unique in its location because it’s newer construction and close to light rail. Reilly said strong employment growth, affordable rents and limited new construction have perked the company’s interest in the Portland market.

鈥淧ortland is poised for significant rent growth according to various industry research outlets,鈥� he wrote in an email.

Reilly said improved property acquisitions are still available in the Portland market at 65 percent to 75 percent of the replacement costs and that rents grew more than 6 percent the past year. He said Center Pointe was a good example of the strong market in that it is 95 percent occupied and offers no concessions to tenants.

鈥淪equoia is committed to the Portland market with a goal to acquire an additional 1,000 apartment units here,鈥� Reilly wrote in the email.