Exclusive: UDR Shells Out $74M for Portland Apartments
It is the second deal between UDR and NBP Capital this year.
UDR has picked up Heirloom, a 286-unit community in Portland, Ore., from NBP Capital for $74.1 million or $259,108 per unit, according to Yardi Matrix information. The seller developed the property that came online in 2022.
This is not the first transaction between the two parties. In April, UDR acquired Meetinghouse, another NBP-developed community, for $53.4 million or $230,253 per unit, the same data provider shows. The 232-unit property is at 1634 SE Rural St., roughly 4 miles from the current purchase.
The 10-building, three-story Heirloom occupies nearly 13 acres at 7900 SE Luther Road. The location is within walking distance of Johnson Creek and several retail options, close to Highway 213 and Interstate 205. Downtown Portland is 8 miles northwest.
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The apartment mix features one-, two- and three-bedroom floorplans ranging from 666 to 1,517 square feet. All units comprise washer/dryers, microwaves and private balconies or patios.
Amenities at the pet-friendly community include a fitness center, an outdoor kitchen with grills, a fire pit, a lounge area, an on-site dog park, a swimming pool and storage units, among others. Moreover, nearly 430 parking spaces are at ground level.
UDR’s expanding Portland portfolio
As of March 2026, UDR’s portfolio included 183 completed properties nationwide, with one under development. Heirloom marks the firm’s fourth property in the metro, with the collection already including:
- Hunt Club, a 256-unit community at 6142 SW Bonita Road, which opened in 1985.
- Tualatin Heights, a 220-unit community at 9301 SW Sagert St., which opened in 1989.
- Meetinghouse, a 232-unit community at 1634 SE Rural St., which came online in 2019.
Portland’s multifamily transaction volume amounted to $78 million in the first four months of 2026, a recent report shows. This marks a significant decline for the western metro compared to the same period last year, when sales totaled $430 million.
