LOS ANGELES – October 27, 2014 – A fund sponsored by CBRE Global Investors has acquired Arbor Heights, a 348-unit, garden-style apartment community south of Portland, Oregon, that is currently 96 percent occupied.
Arbor Heights is located at 15199 SW Royalty Parkway in Tigard, Oregon, nine miles south of downtown Portland. The property benefits from its quality design, generous common areas, low-density hilltop site offering scenic views, partial brick exteriors, comprehensive amenity package, detached garages and well-designed floor plans.
The team will initiate a capital improvement program to address deferred maintenance, enhance curb appeal and upgrade certain interior features as well as common area amenities. Unit upgrades will include updated lighting and plumbing fixtures, blinds, stainless steel appliances, new countertops and flooring. Common area upgrades include clubhouse modernization, fitness center expansion and pool deck enhancements.
The team also plans to improve operations by implementing dedicated asset management and best-in-class property management oversight to initiate a comprehensive residential service upgrade.
“We believe Arbor Heights is an ideal candidate for a repositioning through a comprehensive yet cost-effective capital upgrade program,” said Ben Green, Director, CBRE Global Investors Multi-Housing Group. ”Furthermore, the implementation of our ‘Inspired Lifestyle’ customer service program will be consistent with the repositioning strategy.”
“With concentrations in technology, business, healthcare and trade, the Portland economy has continued to expand, passing its prerecession total employment in 2013 and outperforming the nation in terms of unemployment,” said Steve Gullo, Managing Director, CBRE Global Investors Multi-Housing Group. “Over the past four years, the Portland economy has added 20,000 jobs annually, and this strong job growth is expected to continue. With convenient access to major transportation arteries and key employment corridors, nationally recognized schools, and numerous parks, Tigard is a desirable suburban community.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $92.8 billion in assets under management* as of June 30, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.