PORTLAND, ORE., August 28, 2019 – JLL announced today that it has closed the sale of Avana Orenco Station, a 264-unit, garden-style multi-housing community in Hillsboro, Oregon.
JLL marketed the property on behalf of Greystar and procured the buyer, Jackson Square Properties. The property was acquired free and clear of existing financing.
Avana Orenco Station is located at 6710 NE Vinings Way less than half of a mile south of the Intel campus, which is home to 20,000 local jobs, and within walking distance to the MAX Light Rail Blue Line, which provides access into downtown Portland, downtown Hillsboro and other employment centers throughout the MSA. With direct frontage along NE Cornell Road, the property also provides residents convenient access to retailers at Orenco Station as well as New Seasons Market, Whole Foods and Costco.
The community consists of 12 residential buildings comprising a mix of 156 one-bedroom, 100 two-bedroom and eight three-bedroom floor plans averaging 925 square feet. Unit features include quartz countertops, stainless steel appliances, plank flooring in the living spaces, nine-foot ceilings and full-size washers and dryers. Common area amenities include a swimming pool and spa, grilling areas, firepit, gazebo, fitness center, community lounge with Wi-Fi and pool table, business center and dog park.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, an Oregon-licensed real estate salesperson, and Senior Director Carrie Kahn.