Home Finance ColRich Acquires 228-Unit Multifamily Community in Bend, Ore. for $63.1MM

ColRich Acquires 228-Unit Multifamily Community in Bend, Ore. for $63.1MM

Bend, CBRE, ColRich, Seasons at Farmington Reserve, Security Properties

(EDITOR’S NOTE: According to public records, the property sold for $63.1 million, or approximately $276,754 per unit.)

Portland, Ore. –– CBRE has facilitated the sale of the Seasons at Farmington Reserve, a 228-unit multifamily community in Bend, Oregon, to ColRich.

CBRE’s Josh McDonald, Joe Nydahl, and Phil Oester represented the seller, Seattle-based Security Properties.

Located at 61560 Aaron Way, the garden-style community was built in 2017 and spans nine, three-story residential buildings and a clubhouse. It comprises one- and two-bedroom floorplans averaging 916 sq. ft. The units feature nine- and 10-foot ceilings, chef’s kitchens with designer appliances and quartz countertops, full-size stackable washers and dryers, soaking tubs, private deck or patios in most units, and walk-in closets in select units. Community amenities include a fitness studio, resident clubhouse, outdoor community patio, bike repair and storage facility, and controlled building access. The property includes 51 carports and 280 open parking spaces.

“More and more remote workers have decided to call Bend home because of its relatively low cost of living, reputation as an outdoor recreation mecca, and status as an economic hub east of the Cascades,” said CBRE’s McDonald. “This in-migration has increased Bend’s population base and improved incomes, driving demand for high-quality rental housing. The Seasons at Farmington Reserve and its new owners are well-positioned to serve this population for years to come.”

Situated on a 7.05-acre site, the community is located just south of Reed Market Rd. and five minutes east of Highway 97. It’s also within a short drive to major retail centers, entertainment venues and recreation areas, including Old Mill District, Hayden Homes Amphitheater, the Deschutes River Trail, Pilot Butte State Park and Mt. Bachelor.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.