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September 21, 2023
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Abacus Capital Group Makes $95 Mil Res Buy in Oregon

8/24/23

An affiliate of Abacus Capital Group purchased Lumina Apartments, a 440-unit multifamily community in Gresham, OR, for $96.7 mil ($220k/unit).

Located at 2700 W. Powell Blvd, Lumina was built in 1994 with unit renovations completed from 2014 through 2022. The property spans 20 buildings with one-, two-, and three-bedroom units averaging 817 sf.

All units feature large floor plans, in-unit laundry and private balconies or patios with storage. Community amenities include a resident lounge, upgraded fitness center, package lockers, business center, indoor and outdoor swimming pools, a sun deck with barbecue grills, playgrounds, and a dog park. The property offers 880 surface, carport and garage parking options.

The property sits on 19.18 acres minutes south of Hwy 26 and is 25 minutes east of downtown Portland. The location offers tenants quick access to Happy Valley, the growing northeast industrial and distribution employment corridor, and numerous retail and restaurant amenities. Its less than 10 minutes from a Max light rail station, connecting commuters to downtown Portland, the Portland International Airport, and major employers throughout the metro.

CBREs Joe Nydahl, Josh McDonald, and Phil Oester represented the unnamed seller.

Multifamily real estate fundamentals in the Portland metro largely matched urban trends nationally in the second quarter of 2023, with rental rates growing modestly year over year and a decelerating decrease in occupancy, according to CBRE Research. The Gresham/Far East Portland submarket recorded a 5.7% vacancy rate and an average asking rent of $1,575 in the quarter.




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