A $34.6 million Fannie Mae loan backed the deal.
Bridge Investment Group has purchased River Ridge, an 180-unit asset in Tualatin, Ore., for $50.1 million, Yardi Matrix data shows. CBRE Capital Markets originated a $34.6 million Fannie Mae loan.
Security Properties sold the property after buying it for $70 million in 2022, the same source reveals.
“Like many assets acquired at 2021 and 2022 pricing, its exit value reflects the interest rate reset and cap rate expansion that followed, rather than the property’s performance,” Security Properties Chief Investment Officer Mark Bates told Multi-Housing News…