$29.85M sale closed for Cedar Square Apartments in Portland suburb

PORTLAND, March 12, 2026 –  JLL Capital Markets announced today that it has arranged the $29.85 million sale of Cedar Square, a 155-unit garden-style apartment community in Beaverton, Oregon.

JLL worked on behalf of the seller, a local owner. JLL represented the buyer, a joint venture between Glencrest Group and Sky Alps Capital, in arranging an acquisition loan. Cedar Square is the eighth acquisition Glencrest Group has sponsored in the Portland Metropolitan Area.

Built in 1980 with additions completed in 2016 and 2024, Cedar Square offers residents large floor plans averaging 853 square feet, with patios or balconies on every unit, ample parking and abundant green space. The property features one-, two- and three-bedroom apartments with amenities including a fitness center, playground and on-site laundry facilities. Current ownership has completed significant capital improvements including repaving and replacing siding, windows, decks and roofs on the majority of buildings.

Ideally situated at 10480 SW Eastridge St., Cedar Square is positioned less than one mile from Cedar Hills Crossing, one of the most sought-after retail destinations in the Portland MSA with over one million square feet of retail space. The property sits at the intersection of Highway 217 and Highway 26, near the Sunset Transit Center, granting residents connectivity to downtown Portland, Beaverton and Hillsboro in under 10 minutes via car or MAX Light Rail.

The submarket itself benefits from a strong employment base with major employers including Nike World Headquarters with 15,100 employees located six minutes from the property, and Intel with 21,400 employees located 14 minutes away. The expansion of major employers, fueled by the Oregon CHIPS Program, has drawn high-tech companies to the area, earning the region its moniker "The Silicon Forest." The area boasts high average household incomes of $152,033 within a three-mile radius, with 51.4% of households earning over $100,000.

JLL Capital Market’s Investment Sales and Advisory team was led by Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Associate Owen Wise. JLL’s Debt Advisory team was spearheaded by Charles Halladay and Jonah Aelyon.

"The overwhelming demand for housing and limited supply in the submarket reinforces the value of this asset," said Virden. "Cedar Square offers a compelling value-add opportunity in a premier suburban location characterized by strong employment growth, excellent schools and superior transit connectivity."

“Glencrest Group was attracted to Cedar Square because of its quality construction and outstanding location” said Managing Partner Mike Bergelson of Glencrest Group. “We plan to invest to improve resident experience and modernize the property, while continuing to offer an attractive rental housing value in the Cedar Hills neighborhood”.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Glencrest Group owns and operates multifamily communities to improve the lives of its residents, investors, colleagues and society.  Its current portfolio comprises 19 properties across four states.  The organization has enjoyed strong growth since its founding in 2019 and offers two distinct investment programs to meet the needs of both individual and institutional investors.  www.glencrestgroup.com

Sky Alps Capital is a real estate investment firm focused on identifying and executing high-conviction opportunities across U.S. multifamily markets. Backed by a San Francisco-based private investor group, the firm takes a disciplined, research-driven approach to acquiring, repositioning, and managing institutional-quality assets in supply-constrained, high-growth submarkets. Sky Alps Capital is committed to long-term value creation and responsible stewardship across its portfolio.