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Res Community in Bend, OR Trades in $57 Mil Deal

2/21/24

Outlook at Pilot Butte, a 205-unit multifamily community in Bend, OR, traded hands in a $57.5 mil ($280.5k/unit) transaction.

The garden-style community was built in 2017 and is located at 2001 NE Linea Drive. It comprises three, four-story residential buildings with one- and two-bedroom floorplans averaging 761 sf in size.

The units include nine- and 10-foot ceilings, chef’s kitchens with designer appliances and quartz countertops, full-size stackable washers and dryers, large windows, private decks or patios, soaking tubs and walk-in closets. Community amenities include a fitness center, a resident clubhouse with a lounge, and an outdoor patio with a fire pit and a view of Pilot Butte. The property has 123 carports and 115 open parking spaces.

The property sits on 4.96 acres just south of Reed Market Road and five minutes east of Highway 97. It’s also within a short drive to major retail centers, entertainment venues and recreation areas, including Old Mill District, Hayden Homes Amphitheater, the Deschutes River Trail, Pilot Butte State Park and Mt. Bachelor.

CBRE’s Josh McDonald, Joe Nydahl, and Phil Oester represented the seller, Seattle-based Security Properties.

“Bend checks all the boxes when it comes to demand drivers for high-quality rental housing. It’s Oregon’s primary economic hub east of the Cascades, has plentiful outdoor recreation opportunities, and boasts a low cost of living relative to other West Coast markets,” said CBRE’s McDonald. “These factors are attracting remote workers and expanding Bend’s population base, positioning the new owners to realize the property’s continuing upside potential.”






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