Chicago, IL – March 21, 2012 – The most recent acquisition of LaSalle Apartments, a 554-unit community located in Beaverton, OR, is the second asset purchased this year by Waterton Associates. Waterton purchased the property for $77.2 million or $139,350 per unit.
Constructed in 1998 and 1999, the three-story, 31 building structure includes 554 apartments consisting of one, two and three bedroom garden style units as well as townhomes. The property’s location, less than a mile from Nike World Headquarters, gives residents efficient access to major employers including Nike, Intel and Tektronix.
“The purchase of LaSalle Apartments matches tremendously with Waterton’s investment strategy,” said Peter Kuzma, Senior Acquisitions Analyst, Waterton Associates. “The community’s proximity to jobs and public transportation along with its value-add component make it an extremely exciting opportunity for Waterton to re-enter the Portland multifamily market.”
LaSalle Apartments offers a variety of floor plans. Adjacent to the MAX-line, Portland’s light rail system which provides public transportation to Hillsboro, downtown Portland and Portland International Airport, LaSalle is a transit oriented core plus apartment community located along the Sunset Corridor. The community features two 24-hour fitness centers, two clubhouses, two pools and a Jacuzzi. Other conveniences include detached garages, patios or balconies and furnished full-size washers and dryers.
Originally developed by Holland, Waterton closed the LaSalle Apartments transaction March 14, 2012. Waterton plans to implement a value-add, physical upgrade renovation program including upgraded flooring, clean steel appliances and new interior lighting and plumbing package.
Waterton Associates L.L.C. (“Waterton”) is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton has a proven expertise in selecting attractive risk adjusted real estate investments in major markets around the United States and manages its portfolio through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality. Waterton Residential was founded in 1998 to improve and manage multifamily properties and currently manages over 50 apartment communities in major U.S. markets with a focus on excellent resident service, competitive pricing and flexible lease terms. Since its formation, Waterton has sponsored multiple investment vehicles and has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with seven regional offices throughout the United States. For more information, please visit www.WatertonAssociates.com.