CBRE Arranges $40.4 Million Sale of 178-Unit 10th @ Hoyt in Portland's Pearl District

CBRE announced the sale of 10th @ Hoyt, a 178-unit multifamily community with approximately 13,461 square feet of ground-floor retail space at 925 NW Hoyt St. in Portland, Oregon, for $40.4 million. Rise Properties was the seller, and the buyer was a California-based family office.

CBRE's Josh McDonald and Joe Nydahl represented both the seller and the buyer in the transaction.

10th @ Hoyt Sale Details

The $40.4 million price equates to roughly $226,966 per apartment, before accounting for the retail space. The property is located in the Pearl District.

Built in 2004, 10th @ Hoyt is a six-story mid-rise with 178 apartment homes in studio, one-bedroom and two-bedroom floor plans. Amenities include a rooftop deck with city views, a fitness center, a business center, a resident lounge, a landscaped courtyard and secure parking.

The property sits in one of Portland's more walkable neighborhoods, with access to restaurants, boutiques, galleries and cultural attractions. It also has access to the Portland Streetcar, the MAX light rail system and major regional freeways.

Comments From CBRE and Rise Properties

"We are proud to have closed 10th @ Hoyt, and the interest it drew shows real investor confidence in Downtown Portland," said Josh McDonald, executive vice president at CBRE. "The Pearl District remains one of the most vibrant and sought-after neighborhoods in the Pacific Northwest, and it was a pleasure to guide both parties through a successful transaction on a high-quality asset."

Karl Haisch, senior asset manager at Rise Properties, said the property had been a quality Pearl District asset for the firm. "10th @ Hoyt has been a quality Pearl District asset for us, and we're grateful for CBRE's disciplined process and smooth execution," Haisch said. "This sale allows us to concentrate on our Seattle and suburban Portland portfolio, where we continue to invest. We wish the new ownership continued success with the property."

Portland Multifamily Market Context

The sale comes as Portland's multifamily fundamentals have strengthened. According to CBRE Research, the market reached 95.3% occupancy in the second quarter of 2026, up 50 basis points from the prior quarter. Net absorption totaled 1,997 units, more than double the 928 units delivered during the quarter.

Multifamily investment sales volume in the market rose 48% quarter-over-quarter to $309.3 million in the second quarter, up from $208.3 million.

Transaction activity in Portland had slowed earlier in 2026, with fewer deals in the $20 million-to-$50 million range, while transactions above $50 million represented a greater share of year-to-date activity. The $40.4 million sale of 10th @ Hoyt falls within the smaller deal-size segment.

Portfolio Strategy for Rise Properties

Rise Properties said the sale will allow it to concentrate on its Seattle and suburban Portland holdings, where it continues to invest.