CBRE closed the sale of Outlook at Pilot Butte, a 205-unit multifamily community in Bend, Oregon, to an undisclosed buyer for $57.5 million. The firm’s Josh McDonald, Joe Nydahl, and Phil Oester represented the seller, Seattle-based Security Properties.

The garden-style community was built in 2017 and is located at 2001 NE Linea Drive. It comprises three, four-story residential buildings with one- and two-bedroom floorplans averaging 761 square feet. Community amenities include a fitness center, a resident clubhouse with a lounge, and an outdoor patio with a fire pit and a view of Pilot Butte.

“Bend checks all the boxes when it comes to demand drivers for high-quality rental housing. It’s Oregon’s primary economic hub east of the Cascades, has plentiful outdoor recreation opportunities, and boasts a low cost of living relative to other West Coast markets,” said CBRE’s McDonald. “These factors are attracting remote workers and expanding Bend’s population base, positioning the new owners to realize the property’s continuing upside potential.”

On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.