JLL has completed the $29.85 million sale of Cedar Square, a 155-unit garden-style apartment community located in Beaverton, Oregon, within the Portland metropolitan area. The transaction involved a local seller and a buyer structured as a joint venture between Glencrest Group and Sky Alps Capital.
JLL represented the seller in the disposition and also advised the buyer, arranging acquisition financing in conjunction with the purchase. Cedar Square marks the eighth acquisition that Glencrest Group has sponsored in the Portland Metropolitan Area, underscoring the firm's continued focus on this multifamily market. The joint venture engaged JLL not only for investment sales expertise but also to help structure the capital stack through the new acquisition loan.
The JLL Capital Markets Investment Sales and Advisory team on the assignment was led by Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Associate Owen Wise. On the debt side, JLL's Debt Advisory team was led by Charles Halladay and Jonah Aelyon, who worked with the joint venture buyer to secure the acquisition financing. Specific loan terms and lender details were not disclosed.
Cedar Square was originally built in 1980 and has been expanded through additions completed in 2016 and 2024. The property offers one-, two- and three-bedroom apartments, with an average unit size of 853 square feet. Every residence includes either a patio or a balcony, which supports the property's garden-style positioning in a suburban setting.
Current ownership has invested in substantial capital improvements across much of the community. Recent work includes repaving as well as replacing siding, windows, decks and roofs on the majority of the buildings. These upgrades follow the phased additions to the property and are intended to enhance both resident experience and physical durability of the asset.
The Cedar Square transaction illustrates ongoing institutional and private capital interest in established suburban multifamily properties in the greater Portland area. With a combination of recent capital improvements, a diversified unit mix and an acquisition loan arranged at closing, the asset continues to be positioned as a stabilized garden-style community within Beaverton's multifamily landscape.
