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12/13/21
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Canada-based RISE Properties Trust paid $75 mil for 10th @ Hoyt, a 178-unit ($421.3k/unit) multifamily community in Portland’s Pearl District. The property was sold by San Francisco Bay Area-based Prometheus Real Estate Group.
Originally constructed in 2004, 10th at Hoyt sits directly adjacent to multiple Portland Streetcar lines at the heart of the Pearl District. The six-story, full city block property has a unit mix comprised of studio, one- and two-bedroom apartments with an average size of 757 sf. The building features 13k sf of retail space, a fitness center, rooftop deck and 157 parking spaces.
CBRE’s Joe Nydahl, Phil Oester and Josh McDonald, represented the seller in the transaction.
“Portland’s Pearl District is home to some of Oregon’s largest employers, best restaurants, incredible parks and world-class art galleries,” said Nydahl. “10th @ Hoyt is an iconic deal because of its vintage, size and ideal location. The new owner will enjoy tremendous upside potential.”
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