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PORTLAND, OR-Guardian Management LLC and equity partner UBS Realty Investors LLC have paid $30 million for Waterhouse Place Apartments in Beaverton, Ore, a southwestern suburb of Portland. The duo plans to invest an additional $3 million in improvements to the property.

Occupying 14.5 acres are 600 NW 158th Ave., near Willow Creek Nature Park, the 279-unit Waterhouse Place Apartments opened in 1989. Guardian’s upgrade plan for the units includes new carpets and floors, new countertops and cabinet faces, updated hardware and fresh paint. Its upgrade plan for the exterior includes landscaping, a resurfaced spa, new patio doors and parking and clubhouse upgrades.

Guardian owns and manages more than 130 apartment properties in seven states. In July, the company expanded into commercial brokerage in a big way by acquiring the franchise rights for the Sperry Van Ness brand in Southern California, Arizona and Oregon. The deal includes eight previously corporate-run offices.

Guardian owner Tom Brenneke told GlobeSt.com the acquisition is part of his plan to diversify the company’s operations. He declined to disclose the terms of the transaction, which includes seven offices in SoCal and one in Phoenix that are operating with 190 brokers.

Brenneke started at Guardian management 25 years ago and bought it in 2001. It was at that point that the company began acquiring properties in addition to managing them for third parties. Brenneke also began partnering with wealthy individuals and institutions, playing the part of the expertise partner by taking a minority stake and acting as the fee manager. The 400-person company now invests on behalf of it and 100 high-net-worth individuals, as well as five institutional investors. Its portfolio totals nearly 12,000 apartments units valued at $600 million, of which it owns about 50%.

“Basically right now we are all multifamily from a property management standpoint, but with this we will be expanding into commercial,” he says. “We’ve got the property management infrastructure already in place, including the software, and commercial property management is frankly a whole lot more straight forward than residential. We will add more leasing talent… .”

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