CBRE arranged the sale of Lumina Apartments, a 440-unit multifamily in Gresham, Oregon, to an affiliate of Abacus Capital Group for $96.7 million. CBRE’s Joe Nydahl, Josh McDonald, and Phil Oester represented an undisclosed seller.

Lumina is located at 2700 W. Powell Boulevard and was built in 1994, with renovations completed over the last decade. The property spans 20 buildings with one-, two-, and three-bedroom units.

“Gresham has become a suburb of choice for both commuters and people looking for a quieter setting away from Portland’s urban areas,” said CBRE’s Nydahl. “The suburb’s appeal is underscored by strong neighborhood demographics, tight market vacancy, and proven renovation premiums – all of which made Lumina Apartments an attractive, value-add opportunity for the buyer.”

Multifamily fundamentals in the Portland metro largely matched urban trends nationally in Q2 2023, with rental rates growing modestly and a decelerating decrease in occupancy, according to CBRE Research.