Fourth Avenue Capital Acquires Steppe Multifamily Community in Bend, Oregon for $20.025 Million in CBRE-Brokered Deal

Fourth Avenue Capital has acquired Steppe, an 87-unit Class A multifamily community in Bend, Oregon, for $20.025 million. The transaction closed in August 2026 and was brokered by CBRE's Sam Lawhead, Joe Nydahl, Matt Dodd and Josh McDonald, who represented both the buyer and the seller, Project^ & National Real Estate Advisors.

Property Details and Location

Located at 2365 NE Conners Ave. in Bend's Mountain View neighborhood, Steppe was completed in 2025 as a newly constructed, three-story Class A community. The property comprises 87 apartment homes spread across six residential buildings and a dedicated clubhouse building, offering one- and two-bedroom floor plans. Amenities include a resident clubhouse, outdoor gathering spaces, electric vehicle charging stations, a dog wash station and in-unit washer/dryer connections.

The community sits adjacent to St. Charles Medical Center, one of Central Oregon's largest employers, and is positioned near major retail destinations, recreational amenities and downtown Bend. At $20.025 million for 87 units, the transaction reflects a price of approximately $230,000 per unit.

Transaction and Brokerage Team

CBRE arranged the sale on behalf of both parties, with Sam Lawhead, Joe Nydahl, Matt Dodd and Josh McDonald leading the assignment. Sam Lawhead, a first vice president at CBRE, commented on the closing.

"We are pleased to have successfully closed Steppe and grateful to both the buyer and seller for their partnership throughout the process," Lawhead said. "Bend continues to be one of the most dynamic and desirable markets in the Pacific Northwest, and Steppe's brand-new construction, prime location adjacent to St. Charles Medical Center and affluent demographic base make it an exceptional long-term investment."

The transaction represents a develop-to-sell execution by Project^ and National Real Estate Advisors, who delivered the Class A community in 2025 and completed a disposition following lease-up in 2026.

Fourth Avenue Capital's Bend Strategy

The Steppe acquisition expands Fourth Avenue Capital's portfolio to 31 properties, with seven now located in the Bend market. The concentration reflects a deliberate cluster strategy around Central Oregon, with the firm positioning itself as a specialist in multifamily acquisitions across the Pacific Northwest. Capital Funding Partners participated as a capital partner in the transaction.

Asking rents at Steppe have been marketed in the $1,600 to $1,765 per month range for one- and two-bedroom units, with unit sizes starting at approximately 534 square feet for smaller layouts.

Bend Multifamily Market Context

The acquisition comes as Bend's multifamily market works through a period of elevated vacancy following a wave of new supply deliveries. Multifamily vacancy in Bend stood near 12.6% in early 2026, with average asking rents running approximately $2.07 per square foot across the broader market. Despite the near-term supply pressure, the market's long-term fundamentals — anchored by employment drivers such as St. Charles Medical Center and the region's outdoor recreation appeal — continue to attract institutional capital to newly delivered assets.

CBRE Group, Inc. (NYSE: CBRE) is headquartered in Dallas and operates as the world's largest commercial real estate services and investment firm, with more than 155,000 employees serving clients in more than 100 countries.

Sources

CBRE Press Release: CBRE Arranges $20 Million Sale of Newly Constructed Multifamily Community in Bend, Oregon