A large garden-style apartment complex in Tigard has sold for $120.75 million to a California real estate firm.

Arbor Heights, built in 1997, boasts 348 units. The property was acquired by Kennedy Wilson, a publicly traded investment company based in Beverly Hills, California.

The seller was Security Properties of Seattle, via a limited liability company, Arbor Heights Venture. Washington County recorded the deed on Dec. 16.

“The Portland area has proven its resilience over the past two years through continued population growth and a strong employment market that have driven demand for high-quality, conveniently located housing,” Kennedy Wilson President Mary Ricks said in a news release.

The transaction equates to $346,983 per unit.

Kennedy Wilson plans to spend more than $4 million to continue recent renovations onsite at Arbor Heights, updating interiors of the one-, two- and three-bedroom apartments, enhancing amenities and common spaces, renovating exteriors and addressing deferred maintenance.

Arbor Heights, 15199 S.W. Royalty Parkway, features amenities that include a clubhouse, fitness center, dog park, playground and a resort-style pool.

The transaction adds to Kennedy Wilson Fund VI, which has acquired more than $1.8 billion in multifamily, flex office, industrial and other commercial property across the Western United States. The fund will be fully invested after one other multifamily property under contract closes, the company said. Kennedy Wilson has an 11 percent interest in Fund VI.

“The acquisition of Arbor Heights furthers our Fund VI strategy of investing in assets within strong, compelling markets across the Western U.S. with a focus on underperforming real estate opportunities where we can apply our asset management program and create value through renovations and improvements,” stated Gary Palmer, Kennedy Wilson’s president of commercial investments.

Rents in the Portland area grew 10.3 percent during the past 12 months, according to Apartment List. That was below the national average of 17.7 percent.

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