A 180-unit apartment complex along the Tualatin River just changed hands for $50.1 million, roughly $20 million less than what its previous owner paid for it four years ago. Bridge Investment Group closed on River Ridge, a 14-building community at 17865 SW Pacific Highway in Tualatin, buying it from Security Properties and its joint venture partner Oaktree Capital Management.
The sale price marks a steep drop from the $70 million Security Properties and Oaktree paid for the property in June 2022, according to Multifamily Housing News, which first reported the deal. That earlier purchase, detailed by REBusinessOnline, was an off-market transaction with original developer Mountain West Investment Corp., which built the 180-unit property in two phases between 2015 and 2017 across a nine-acre site along the river.
Despite the lower resale price, Security Properties Chief Investment Officer Mark Bates said the numbers reflect market conditions rather than how the property performed under his firm’s ownership. River Ridge posted healthy rent growth, steady occupancy, and solid operations throughout the four-year hold, Bates said, with in-place rents climbing more than 20 percent during that span. He characterized the roughly $20 million valuation gap as a function of the broader interest-rate reset and cap-rate expansion that has hit multi-family real estate industry-wide, not a sign of operational weakness at River Ridge itself.
A Cooling But Recovering Portland Investment Market
The sale lands amid a choppy stretch for Portland-area apartment investment. Average multi-family price per unit in the Portland metro softened 5 percent quarter over quarter and 10.6 percent annually, coming in at $181,435 between April and June per a Colliers report cited by the same outlet. Overall transaction volume in the metro totaled $338.9 million in the second quarter, up 7 percent from the prior comparable period but still down 29 percent year over year…