A Pearl District apartment building has been sold to a Canadian real estate investment firm for $75 million.

The 10th @ Hoyt building, at 925 N.W. Hoyt St., has 178 units that average 758 square feet. Completed in 2004 in one of Portland’s priciest neighborhoods, 10th @ Hoyt also includes 13,000 square feet of retail space and 157 parking spaces.

The six-story, full-block building was purchased by RISE Properties Trust, a real estate investment trust based in Victoria, British Columbia, that has focused on the Pacific Northwest. The company has snapped up multifamily properties in Oregon, including seven since the pandemic began.

The seller was Prometheus Real Estate Group, based in San Mateo, California.

“We’ve been searching for an urban asset to diversify our Portland portfolio and couldn’t be more pleased with the acquisition of 10th @ Hoyt,” Jason Murray, RISE’s director of investments, stated in a news release. “The opportunity is unparalleled given the excellent Pearl District location, the quality of the asset and the opportunity for a transformative renovation.”

RISE plans to renovate common areas and unit interiors and reinvest in marketing the 194,044-square-foot property, according to Murray.

“We continue to believe in the long-term fundamentals of the Portland metro, with its strong job base, relative affordability and lifestyle amenities, including access to the outdoors and an attractive urban center,” he stated.

The sale equates to $421,348 per residential unit, or approximately $386.50 per square foot. 10th @ Hoyt has studios, one-bedroom and two-bedroom apartments.

Prometheus was represented by CBRE‘s Joe Nydahl, Phil Oester and Josh McDonald.

“The new owner will enjoy tremendous upside potential,” Nydahl stated.

10th @ Hoyt was designed by Ankrom Moisan Architects and originally developed by Trammell Crow Residential and C.E. John. It was built by TCR Pacific Northwest Construction. Prometheus bought the property in 2008.

The property will be managed by Seattle-based Thrive Communities.

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