CBRE Facilitates $36M Sale of Portland Multifamily Complex

CBRE has arranged the $36 million sale of Columbia Ridge Apartments, a 144-unit, garden-style apartment community in Portland, OR. An undisclosed buyer purchased the complex from San Diego-based Fairfield Residential.

“This exceptional asset provides the buyer with potential for significant value creation through additional building enhancements and modernizations. Limited new development, paired with a low vacancy rate, supports a strong future rent growth outlook for Columbia Ridge,” commented CBRE’s Josh McDonald who represented the seller in the transaction, along with the firm’s Joe Nydahl and Phil Oester.

Located at 15910 NE Sandy Blvd., the 35-building property is situated on 10 acres with convenient access to Highway 84 and a MAX light rail station. Built in 1990, Columbia Ridge consists of two- and three-bedroom floor plans with patios/balconies. Community amenities include a fitness center, pool, three playgrounds and a resident clubhouse.