CBRE recently facilitated the sale of Lumina Apartments, a 440-unit multifamily in Gresham, Oregon for $96.7 million to an affiliate of Abacus Capital Group. Joe Nydahl , Josh McDonald and Phil Oester from CBRE represented the seller during the transaction.
Situated at 2700 W Powell Boulevard and built in 1994 with renovations completed over recent years, Lumina offers one-, two- and three-bedroom units across 20 buildings.
Commenting on Gresham’s appeal as a suburb for commuters looking to escape Portland’s urban areas, CBRE’s Nydahl said: “The suburb’s appeal is underscored by strong neighborhood demographics, tight market vacancy and proven renovation premiums – all of which made Lumina Apartments an attractive value-add opportunity for the buyer.”
According to Q2 2023 data from CBRE Research , fundamentals within Portland metro largely mirrored national trends with rental rates increasing moderately while occupancy levels decreased at a decelerating rate.
