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CBRE Brokers Sale Of Tessera At Orenco Station Multifamily In Hillsboro For $99M

Property Image
SOLD
$99,000,000
Phil Oester
Josh McDonald
Joe Nydahl

Oregon

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MultiFamily
Sold 01/02/2024
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Property Image
SOLD

CBRE Brokers Sale Of Tessera At Orenco Station Multifamily In Hillsboro For $99M

6523 Northeast Cherry Drive

See Similar Deals
MultiFamily
Sold 01/02/2024
Phil Oester
Josh McDonald
Joe Nydahl
the dealplayerscompscontact
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Summary

OREGON
Asset Type:MultiFamily
Transaction Type:Sale

CBBRE has brokered the sale of Tessera at Orenco Station, a 304-unit multifamily community in Hillsboro, Oregon. The transaction took place for a total sale price of $99,000,000, amounting to an average of approximately $325,658 per unit. Located at 6523 Northeast Cherry Drive, the property spans across 3.69 acres.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $99,000,000
  • Address: 6523 Northeast Cherry Drive, Hillsboro, OR
  • Market: Hillsboro, OR

The seller in this transaction was Security Properties. CBRE represented both the buyer and the seller in the deal, with Josh McDonald, Joe Nydahl, and Phil Oester from CBRE serving as the brokers.

Players

Joe Nydahl
CBRE
Joe Nydahl
13 deals$666.3M volume
BROKER
Josh McDonald
CBRE
Josh McDonald
12 deals$596.3M volume
BROKER
Phil Oester
CBRE
Phil Oester
5 deals$413.2M volume
BROKER
Security Properties
Security Properties
SELLER

Details

SOLD
IMAGE: Joe Nydahl, Josh McDonald & Phil Oester DATE: 01/02/2024 ADDRESS: 6523 Northeast Cherry Drive MARKET: Hillsboro, OR ASSET TYPE: Multifamily ~ ACRES: 3.69 SELLER: Security Properties BROKERS: Josh McDonald, Joe Nydahl & Phil Oester - CBRE SALE PRICE: $99,000,000 UNITS: 304 ~ PPU: $325,658 NOTE: CBRE has brokered the sale of Tessera at Orenco Station, a 304-unit multifamily community in Hillsboro, for $99 million, averaging approximately $325,657 per unit.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,280,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$351,726.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$469,310.51
Annual Debt Service$5,631,726.09