BEND, OR – Security Properties purchased Sienna Pointe, a 168-unit, Class-B multifamily community located in Bend, OR for $49,500,000. This is Security Properties’ fifth acquisition in the Bend market.
Sienna Pointe is conveniently located on Bend’ seastside just a five-minute drive from Downtown. The property is situated at the base of Bend’s most iconic landmark, Pilot Butte. The 114-acre Pilot Butte State Scenic Viewpoint rises nearly 500 feet above its surroundings and includes a two-mile hiking trail to the summit. More than 750,000 locals and tourists visit Pilot Butte each year.
In recent years Bend has become nationally recognized for the high quality lifestyle it offers. Outdoor enthusiasts frequent the varying bike trails and walking paths, innumerable golf courses, rivers, and proximate ski resorts. Bend also boasts an array of breweries and restaurants, as well as the Hayden Homes Amphitheatre, an outdoor, riverfront venue that hosts a mix of year-round concerts and events. The area has become home to a diverse and ever-expanding business community, anchored by a mix of biomedical companies, regional hospitals, national-scale microbreweries, resorts, and Silicon Valley tech transplants.
The units at Sienna Pointe offer 1- and 2- bedroom floorplans. The units consist of white shaker-style cabinets, stainless steel appliances, laminate countertops, electric fireplaces, private decks or patios, vinyl flooring as well as washer/dryers in select units. From an amenity perspective, the property offers a fitness center, BBQ / picnic area, bike racks, available covered parking, laundry facilities and access to a Pilot Butte trailhead.
The asset represents a value-add investment with moderate upgrade characteristics. SP will be adding cosmetic upgrades to unit interiors as well as enhancing the existing amenity spaces.
Alex Gauper, Acquisitions Director at Security Properties says, “Bend continues to be one of our highest conviction markets due to its compelling combination of affordability and overall quality of life. The addition of Sienna Pointe will combine well with our existing market footprint, and we look forward to executing on our value-add business plan as Bend continues to grow.”