Hanover was acquired as part of a multi-state portfolio and is located in Beaverton, OR. The property is located along a major thoroughfare, and is within close proximity of both Intel and Nike employment campuses. The average household income within a 3 mile radius is $74,000, with an expected population growth of 6.0% by 2020. TruAmerica intends to improve kitchen and restroom finishes and upgrade unit flooring in order to capture modest rental premiums. The property will attract a wide range of Buyers upon exit including institutional and high net worth investors, given its strong location and smaller size.
The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.
Hanover Apartment Homes are conveniently located in Beaverton, Oregon. Designed uniquely for a modern lifestyle, with optimal location in close proximity to the West Side high-tech major employers.
- Business center
- Cover parking
- Fitness center
- Near public transportation
- Onsite maintenance