Portland – October 24, 2022 – CBRE has arranged the $36.25 million ($251,736 per unit) sale of Columbia Ridge Apartments, a 144-unit, garden-style apartment community in the Northeast Portland submarket, to an undisclosed buyer.
Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller, Fairfield Columbia Ridge LLC, an affiliate of San Diego-based Fairfield Residential, in the transaction.
Located at 15910 NE Sandy Blvd., the two- and three-story, 35-building property is situated on 9.91 acres with a parking ratio of 1.92 spaces per unit. Built in 1990, Columbia Ridge offers two- and three-bedroom floorplans averaging 940 square feet. Unit features include in-unit washers and dryers, private patios or balconies, and walk-in closets. Community amenities include a fitness center, a pool, a resident clubhouse, three playgrounds, and a basketball court.
The property provides convenient access to Highway 84, a main arterial roadway running east and west into Portland. Columbia Ridge is within minutes of a MAX light rail station and within 20 minutes of destinations including Gresham Station shopping center, Portland International Airport, a major employment hub consisting of 45 million square feet of industrial space, and downtown Portland’s amenities.
“This exceptional asset provides the buyer with potential for significant value creation through additional building enhancements and modernizations,” said CBRE’s Josh McDonald. “Limited new development coming online, paired with a low vacancy rate, supports a strong future rent growth outlook for Columbia Ridge.”
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 2021 revenue). The company has more than 105,000 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.