A joint venture headed by investment manager Alex. Brown Realty Inc. (ABR) has acquired a 4.93-acre site in Hillsboro, OR, about 15 miles northwest of downtown Portland, where it plans to develop a 140-room Marriott Residence Inn.
ABR Chesapeake Fund IV, a real estate fund sponsored by ABR, expects to have $8 million invested in the venture upon completion. ABR is partnering with Hillsboro Hotel Development and Huntington Hotel Group to develop the site along NE Brookwood Parkway in the northeastern section of the 320-acre Dawson Creek Business Park.
The site is one mile south of Interstate 26, a major east/west interstate that connects Portland to Oregon’s Pacific coastline and two miles east of the Hillsboro Airport. It's also immediately west of Intel Corp’s Ronler Acres campus, which employs 7,000 and is undergoing a $3 billion expansion.
"The land basis is very attractive, the business plan is solid, the acquisition is conservatively capitalized and, most importantly, the ownership team is talented and experienced," noted ABR Chief Information Officer Tom Burton.
"As the center of Oregon’s ‘Silicon Forest,’ Hillsboro is seeing strong economic growth and we anticipate Intel’s expansion will generate additional lodging demand," added Alex Jansen, manager of HHD.