CBRE Arranges $40.4 Million Sale of 178-Unit 10th @ Hoyt in Downtown Portland

CBRE announced the sale of 10th @ Hoyt, a 178-unit multifamily community with approximately 13,461 square feet of ground-floor retail space located at 925 NW Hoyt St. in Portland, Oregon, for $40.4 million.

CBRE's Josh McDonald and Joe Nydahl represented both the seller, Rise Properties, and the buyer, a California-based family office, in the transaction.

“We are proud to have closed 10th @ Hoyt, and the interest it drew shows real investor confidence in Downtown Portland," said Josh McDonald, executive vice president at CBRE. "The Pearl District remains one of the most vibrant and sought-after neighborhoods in the Pacific Northwest, and it was a pleasure to guide both parties through a successful transaction on a high-quality asset."

Built in 2004, 10th @ Hoyt consists of 178 apartment homes across a six-story mid-rise building in the heart of Portland's premier Pearl District. The community features a mix of studio, one-bedroom, and two-bedroom floor plans. Residents have access to a range of amenities, including a rooftop deck with city views, fitness center, business center, resident lounge, landscaped courtyard and secure parking.

Located in one of Portland's most walkable neighborhoods, the property offers immediate access to the district's acclaimed restaurants, boutiques, galleries and cultural attractions. The asset also benefits from exceptional transportation connectivity, including access to the Portland Streetcar, MAX light rail system and major regional freeways.

“10th @ Hoyt has been a quality Pearl District asset for us, and we’re grateful for CBRE’s disciplined process and smooth execution,” said Karl Haisch, Senior Asset Manager at Rise Properties. “This sale allows us to concentrate on our Seattle and suburban Portland portfolio, where we continue to invest. We wish the new ownership continued success with the property.”

The sale reflects renewed investor confidence in Portland's multifamily market and urban core. According to CBRE Research, Portland's multifamily market reached 95.3% occupancy in the second quarter of 2026, with net absorption totaling 1,997 units, more than double the number of units delivered during the quarter. Multifamily investment sales volume also rose 48% quarter-over-quarter to $309.3 million, highlighting increasing investor interest in well-located apartment assets across the region.