Security Properties and Tokyu Land US Corp., purchased Sanctuary, an apartment building located in Portland, Ore., for $58,300,000. Built in multiple phases, the $1.9 billion South Waterfront community is one of the largest urban redevelopment projects in the nation.

Sanctuary has 182 units and is located along the Willamette River on the southern end of Portland, Oregon. Given Sanctuary's proximity to downtown Portland as well as public transportation, residents can commute to all the key employers in the, including Under Armour, Portland State University as well as Google, Oracle, and Jama Software.

“Our asset is well positioned for growth and we look forward to unlocking value for our investors with this core acquisition,” said Davis Vaughn, senior director of investments at Security Properties. "Sanctuary has an irreplaceable location along the river that will give it a permanent competitive advantage.”

"We identified Portland as a growth market for us earlier in 2018,” said Nobuhide Kashiwagi, president of Tokyu Land US. “This asset is a great addition to our growing multifamily portfolio, and we are looking forward to continuing our acquisitions in the Pacific Northwest. Sanctuary's superior location provide us with a stable foothold upon which to grow."