Exclusive: BGO Pays $160M for Portland Asset
The transaction was part of a four-property portfolio deal.
BGO has picked up Savanna at Reed’s Crossing, a 301-unit multifamily community in Hillsboro, Ore., for $160 million, Yardi Matrix information shows. Holland Partner Group was the seller.
The transaction was part of a larger, $953.9 million portfolio deal between the two parties, also involving three other assets across the U.S., according to multiple media reports. The collection included the 454-unit The Ayer Apartments and the 238-unit The Ballard Independent Apartments in Seattle, Wash., as well as the 431-unit West Apartments in San Diego, Calif.
JPMorgan Chase originated a $525 million in funding for the portfolio transaction, with Savanna at Reed’s Crossing carrying a $111 million allocated loan amount.
Located at 3405 SE Reed Drive, the property came online in 2025 on 7 acres. The community is close to multiple dining and retail options along Oregon Route 8, including Safeway and Walgreens. Downtown Portland is 14 miles east.
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The seven-building Savanna at Reed’s Crossing comprises one- to three-bedroom apartments, as well as live-work residences. Floorplans range from 645 to 1,715 square feet. All units include washer and dryers, while select apartments also have private balconies or patios.
The pet-friendly property features 9,000 square feet of retail space, as well as amenities such as a swimming pool, spa, outdoor grilling station, coworking lounge, fitness studio, bike repair station and dog park. Holland Residential manages the property.
Investors buy more for less in Portland
Portland multifamily transaction volume amounted to $338.9 million across 41 transactions in the second quarter of this year, according to a Colliers report. This marked a 7 percent increase quarter-over-quarter, but it was down 29 percent from the $478.2 million recorded during the same time frame in 2025. However, the average per-unit price in the metro dropped to $181,435, down 5 percent from the first quarter and 10.6 percent year-over-year.
Notable recent transactions in Portland include include the 286-unit Heirloom changing hands for $74.1 million or $259,108 per unit. Earlier this month, Bridge Investment Group purchased River Ridge, an 180-unit asset in Tualatin, Ore., for $50.1 million or $278,333 per unit. Both properties surpassed this quarter’s average by more than 40 percent and 50 percent, respectively.
Nearly $3.4 billion in mortgage debt faces maturity through the end of 2027 in Portland’s multifamily market, the same Colliers report shows. That amounts to 192 properties and more than 22,000 units. Out of the total, $1.8 billion on approximately 14,000 units is set to mature through the second half of this year.
