Fourth Avenue Capital Acquires 87-Unit Apartments in Bend

CBRE arranged the sale of Steppe, an 87-unit multifamily community located at 2365 NE Conners Ave. in Bend, Oregon. The property sold for just over $20 million.

CBRE’s Sam Lawhead, Joe Nydahl, Matt Dodd and Josh McDonald represented both the seller, National Real Estate Advisors and the buyer, Fourth Avenue Capital, in the transaction. Completed in 2025, Steppe is a newly constructed multifamily community comprising 87 apartment homes across six residential buildings and a clubhouse. The property offers one- and two-bedroom floor plans.

“Bend continues to be one of the most dynamic and desirable markets in the Pacific Northwest, and Steppe’s brand-new construction, prime location adjacent to St. Charles Medical Center and affluent demographic base make it an exceptional long-term investment,” said Lawhead.

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Located in Bend’s Mountain View neighborhood, Steppe sits adjacent to St. Charles Medical Center, one of the region’s largest employers. The property is also near major retail destinations, recreational amenities and downtown Bend.