Portland-Area Multifamily Sells for $70M

CBRE has arranged the off-market sale of River Ridge Apartments, a 180-unit multifamily community in the Portland, OR suburb of Tualatin, OR. CBRE represented the seller, Mountain West Investment Corporation while the buyer was Security Properties and Funds managed by Oaktree Capital Management L.P. The deal was valued at $70 million.

“The sale of River Ridge Apartments reflects institutional investors’ continued interest in Portland’s suburbs,” said Joe Nydahl of CBRE. “Tualatin is one of the most sought-after areas in the Portland metro. The area’s limited supply, improving demographics, tight vacancy and business-friendly atmosphere provides the buyers with considerable upside potential.”

Built in 2017, River Ridge Apartments is a 15-building, garden-style community the overlooks the Tualatin River. It features one-, two- and three-bedroom units average 977 square feet and residence amenities include high ceilings, quartz countertops, in-home washers and dryers and private balconies.