91ÊÓƵ

A Seattle real estate firm has acquired two major Portland-area multifamily properties, the company announced Monday.

Security Properties has purchased The Ardea, a 323-unit South Waterfront tower; and The Windward, a 200-unit mixed-use property in Lake Oswego. Also included in the deal was a 415-unit development in Denver called The Metro.

The off-market transaction was made alongside an affiliate of Rockwood Capital.

The Ardea and The Metro were owned by Multi-Employer Property Trust, a real-estate equity fund of BentallGreenOak, an international investment company based in New York City. The Windward was a joint venture of MEPT and Portland’s PHK Development.

Davis Vaughn, senior director for Security Properties, stated in a news release that the deals were among the most exciting acquisitions in the company’s 50-year history. Vaughn stated that The Windward was the premier suburban asset in the entire Portland metropolitan statistical area, and The Ardea was acquired for significantly below replacement cost.

The purchase price for the three building, 938-unit portfolio was not disclosed.

The Ardea was developed by Gerding Edlen. The Portland developer sold the building after its completion in 2008 to MEPT for $145 million, or $448,916 per unit, according to Yardi Matrix. The most recent transaction was not available from the Multnomah County Assessor.

The Windward was a notable project for downtown Lake Oswego, adding about 36,500 square feet of retail space along with the apartments. The project, designed by ZGF Architects, won first place in the multifamily project category in the 91ÊÓƵ’s Top Projects 2019 awards event.

The purchase price for The Windward was not disclosed and was not available from the Clackamas County Assessor. MEPT joined PHK Development in 2015 to develop the $103 million property, according to a news release from Security Properties.

Security Properties has become a major player in Portland as co-developer of the Press Blocks in Goose Hollow and Pepsi Blocks along Northeast Sandy Boulevard.

The newly acquired properties will be managed by affiliate Security Properties Residential.