CBRE Announces $96.750 Million Sale of 440-Unit Multifamily Community in East Portland Suburb

CBRE has arranged the sale of Lumina Apartments, a 440-unit multifamily community 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 Blvd. and was built in 1994 with unit renovations completed from 2014 through 2022. The property spans 20 buildings with one-, two-, and three-bedroom units averaging 817 square feet. All units feature large floor plans, in-unit laundry and private balconies or patios with storage. Community amenities include a resident lounge, upgraded fitness center, package lockers, business center, indoor and outdoor swimming pools, a sun deck with barbecue grills, playgrounds, and a dog park. The property offers 880 surface, carport and garage parking options.

“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 renovations premiums – all of which made Lumina Apartments an attractive, value-add opportunity for the buyer.”

The property sits on 19.18 acres minutes south of Highway 26 and is 25 minutes east of downtown Portland. The location offers tenants quick access to Happy Valley, the growing northeast industrial and distribution employment corridor, and numerous retail and restaurant amenities. It’s less than 10 minutes from a Max light rail station, connecting commuters to downtown Portland, the Portland International Airport, and major employers throughout the metro.

Multifamily real estate fundamentals in the Portland metro largely matched urban trends nationally in the second quarter of 2023, with rental rates growing modestly year over year and a decelerating decrease in occupancy, according to CBRE Research. The Gresham/Far East Portland submarket recorded a 5.7% vacancy rate and an average asking rent of $1,575 in the quarter.