Fourth Avenue Capital JV Buys Portland Community
The asset was originally a condominium property.
Fourth Avenue Capital, in a joint venture with Range Equity Management and PCCP, has acquired 2121 Belmont Apartments, a 123-unit community in Portland, Ore.
The previous owner was RREEF Property Trust, Yardi Matrix data shows. The company had purchased it from Berkshire Residential Investments for $42.3 million in 2014. The Hartford Financial Services Group had originated a $21.2 million loan for that acquisition.
FAC’s portfolio currently comprises 25 assets in the Northwest region, six of them in the Portland metro area. The closest property to 2121 Belmont is 140 Sacramento, located some 3 miles north. FAC acquired the community at 140 NE Sacramento St. in November 2024.
From condo to apartment community
The 2121 Belmont property originally came online in 2008 as a condominium community. Currently, the five-story building comprises apartment units with one- and two-bedroom layouts ranging from 707 to 1,583 square feet. Shared amenities at the pet-friendly community include a fitness center and dog wash station, as well as bike storage and street-level parking.
Located at 2121 SE Belmont St. in the Buckman neighborhood, the residential property is some 2 miles east of downtown Portland. The community is within walking distance of several dining venues and light rail stops.
The Portland multifamily market saw some 2,400 units across 17 properties of more than 50 units change hands since the beginning of the year, according to Yardi Matrix data. The sales volume is roughly 32 percent higher than the one recorded during the same period of 2024, when only 14 communities totaling 1,815 units traded.
