Vintage Portland-Area Apartments Change Hands
Institutional Property Advisors brokered the sale.
East Wind, a 150-unit multifamily property located in Gresham, Ore., a suburb of Portland, has sold for an unspecified price. The property, located at 2950 NE 23rd St., dates back to 1971.
According to Yardi Matrix, East Wind’s most recent owner was Koka Hayashi. The most recent sale took place in 2013, when the property traded for $10.4 million, with a $7.28 million mortgage held by JPMorgan Chase. Institutional Property Advisors represented the seller and procured the buyer.
The three-story, eight-building property offers one-, two- and three-bedroom units with enclosed patios with planter boxes, and dual-pane windows. East Wind is 78 percent occupied, Yardi Matrix reports, with an average rent of $1,425 a month in 2025, up from $1,255 a month in 2021.
Common-area amenities include a clubhouse with a kitchen, basketball court, playground and laundry facilities. 1.4 million square feet of nearby retail and entertainment space at the Wood Village Town Center and Gresham Station shopping center is two miles to the northwest. Downtown Portland is 13 miles to the west.
Hamid Panahi, Institutional Property Advisors’ senior managing director of investments, along with Whitney Rhoades of Marcus & Millichap and Anthony Palladino of IPA, represented the seller and procured the buyer. The deal was done in association with David Tabata, the latter firm’s broker of record in Oregon.
Development down in Portland
The metro Portland multifamily market has seen development drop after a surge, Kidder Mathews reports. In the third quarter of 2024, some 4,084 units were under construction. A year later, only 1,316 units got off the ground. These conditions align with industry multifamily market predictions.
READ ALSO: Portland Multifamily Report – October 2025
Average cap rates in the market are stable. In the third quarter of last year, they came in at an average of 5.7 percent. After a brief uptick, they came in the same period in 2025, notes Kidder Mathews.
The City of Roses was also recently home to one of the largest affordable housing preservation transactions in the history of the sector. In September, National Equity Fund landed a $444 million investment with Guardian Properties to preserve a 13-property portfolio of affordable housing communities, the largest of which is located in Beaverton, Ore.
