Suburbs continue to see high demand and prices, low vacancy rates for multifamily rentals and properties.

COURTESY PHOTO: CBRE - According to CBRE's Joe Nydahl, the River Ridge Apartments complex sale reflects institutional investors' ongoing interest in Portland's sought-after suburbs.River Ridge Apartments, a 180-unit multifamily complex in Tualatin, has sold to a new owner for $70 million.

CBRE, who represented the Salem-based seller Mountain West Investment Corp., announced the closure of the deal to Seattle-based buyer Security Properties on June 10.

River Ridge Apartments was built in 2017 as a 15-building garden-style community along Pacific Highway and overlooking the Tualatin River. It features one-, two- and three-bedroom units, as well as amenities including an outdoor pool and sundeck, fitness center, clubhouse, playground and sports courts.

Joe Nydahl, first vice president with CBRE, was on the team that represented the seller.

"The sale of River Ridge Apartments reflects institutional investors' continued interest in Portland's suburbs," Nydahl said. "In this case, we found the right capital for an exceptional, off-market investment opportunity. Tualatin continues to be one of the most sought-after areas in the Portland metro, and the area's limited supply, improving demographics, tight vacancy and business-friendly atmosphere provides the buyers with considerable upside potential."

Tualatin continues to see fast-paced population growth, which has caused the multifamily rental market to see above-average rent growth and below-average vacancy rates, according to CBRE.

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