Portland, OR – SR Watt Company, a Southern California-based real estate investment and management firm, has announced the acquisition of two class A suburban Portland multifamily properties including the 101-unit Cannery Row, at 22550 SW Highland Drive, Sherwood, and the 87-unit Westline, at 4545 SW Angel Avenue, Beaverton.
The seller, Madison Park Financial Corp. was represented by JLL Capital Markets Investment Sales Advisory team of Ira Virden, Carrie Kahn and Frank Solorzano. SR Watt represented itself in the $60 million portfolio acquisition.
“The Pacific Northwest is the ideal market for SR Watt to expand its multifamily footprint thanks to its strong market fundamentals that include migrating population and high-growth employment in a suburban metropolitan area. Plus, we see great opportunity to enhance placemaking opportunities in these communities that further enhance resident quality of life,” said Courtney Trujillo, president, SR Watt. This marks SR Watt’s first multifamily acquisition since its launch in July 2022.
Built in 2013, Cannery Row features studio-, one-, two- and three-bedroom units with an average size of 840 square feet. Cannery Row is adjacent to the Sherwood Saturday Market at Cannery Square and a few blocks from Old Town Sherwood. The property features a resident lounge, fitness center, community patios, and pet grooming station.
SR Watt plans to renovate Cannery Row with interior unit upgrades, a new dog park, outdoor kitchen and social area, and upgraded fitness center.
Offering studio, one- and two-bedroom units with an average size of 737 square feet, the 2017-built Westline also includes 2,280 square feet of retail. Westline is located in the heart of downtown Beaverton Historical District. Community amenities include a pet/bike wash station, fitness center, rooftop deck with BBQ fire pit, and views of Mt. Hood.
About SR Watt Company: SR Watt, a family-owned and female-led business based in Southern California, was founded to provide creative spaces that inspire. With retail, multifamily and office properties located throughout California and the Pacific Northwest, SR Watt offers inspired real estate solutions with a commitment to creating value for all stakeholders including tenants, customers, business partners, investors and employees.
About Madison Park Financial Corporation: Madison Park is a real estate investor focused on multifamily development, adaptive reuse, and heavy value-add strategies. Founded in 1983, the firm invests and develops in emerging West Coast and Mid-West markets with a focus on innovation centers and demographic shifts. Madison Park is headquartered in Oakland, CA, with offices in Portland, OR, and Kansas City, MO.
About JLL Capital Markets: JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL: JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.