RISE’s Search Concludes for Urban Asset to Diversify Portland Portfolio

RISE Properties Trust recently purchased 10th @ Hoyt Apartments, a 178-unit mid-rise community in the Pearl District of Portland, OR. The final sales price for the transaction was $75 million, according to RISE.

Located at 925 NW Hoyt St. in a live-work-play neighborhood, 10th @ Hoyt offers a mix of homes averaging 758 square feet. Built in 2004 and covering a full city block, the building also includes four retail spaces in each corner, comprising 13,000 square feet. The location, accessible off Interstate-405 and the Portland MAX light rail, offers transit access and walkability.

10th @ Hoyt Apartments also features a resident lounge, leasing office, fitness center, large interior courtyard and a rooftop deck with hot tub. RISE has plans to implement a significant renovation program at the building.

“We’ve been searching for an urban asset to diversify our Portland portfolio,” said Jason Murray, director of investments with RISE. “The opportunity is unparalleled, given the excellent Pearl District location, the quality of the asset and the opportunity for a transformative renovation.”