CBRE Arranges $70 Million, Off-Market Sale of 180-Unit Multifamily Community in Southwest Portland Metro Suburb

CBRE has arranged the off-market sale of River Ridge Apartments, a 180-unit multifamily community in Tualatin, Ore., to Security Properties and funds managed by Oaktree Capital Management L.P. for $70 million.

CBRE’s Joe Nydahl, Josh McDonald and Phil Oester represented the seller, Salem-based Mountain West Investment Corporation.

Built in 2017, River Ridge Apartments is located in Portland’s Southwest suburbs at 17865 SW Pacific Highway. The 15-building, garden-style community overlooks the Tualatin River and is adjacent to U.S. Highway 99. It features one-, two-, and three-bedroom units averaging 977 square feet. Unit amenities include high ceilings, quartz countertops, large windows, walk-in closets, in-home washers and dryers, and private balconies or patios with storage.

Community amenities include a fitness center, resident clubhouse, resort-style outdoor pool and sundeck, basketball and bocce ball courts, playground, walking trail on the Tualatin River and 120 on-site storage units. River Ridge sits on 8.99 acres and includes 301 parking spaces.

“The sale of River Ridge Apartments reflects institutional investors’ continued interest in Portland’s suburbs,” said Nydahl. “In this case, we found the right capital for an exceptional, off-market investment opportunity. Tualatin continues to be one of the most sought-after areas in the Portland metro, and the area’s limited supply, improving demographics, tight vacancy and business-friendly atmosphere provides the buyers with considerable upside potential.”

In the past decade, the City of Tualatin has been among the fastest-growing cities in the state. During that same time, the area’s multifamily submarket recorded above-average rent growth and below-average vacancy. Moreover, the suburb’s population growth outsizes the current multifamily development pipeline.