Guardian, a Pacific Northwest leader in multifamily operations, development, and investment, announced the closing of a landmark $497 million portfolio acquisition spanning Oregon and New Mexico.

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El Paseo Apartments Photo Credit: Aerial Rio Photography – Makaela Moya

The acquisition represents Guardian’s largest single transaction to date and one of the largest in the United States for 2025. In total, 15 properties and 3,050 units were acquired, all built after 2000, characterized by historically high occupancy and low turnover. Each property in the portfolio is a “post-15” LIHTC community at risk of conversion to market rate. The profile perfectly matches Guardian’s mission to preserve affordability for the long term. Demonstrating that commitment, Guardian will voluntarily convert a portion of existing market-rate units to 60% AMI, further strengthening affordability for working families.

“This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing," said Tom Brenneke, President, Guardian. "Partnering with NEF allows us to safeguard thousands of homes while expanding our footprint into New Mexico and deepening our presence in Oregon. Together, we are proving that large-scale preservation can be both financially sound and rooted in community well-being.”

Guardian completed the transaction in two separate phases. The first phase included two Portland-area properties totaling 310 apartment homes, completed with institutional capital partner AEW. The second phase included 13 properties and 2,740 units throughout the Portland, Oregon and Albuquerque, New Mexico metro regions in a venture with NEF and JPMorgan Chase. Working closely with state regulatory agencies, Guardian secured approvals of ownership transfers under an accelerated timeline, ensuring long-term stability for residents.

“At NEF, we remain committed to connecting people, providing innovative capital solutions and investing in brighter futures,” said Daryl Shore, senior vice president of structured finance at National Equity Fund. “Our integrity and stability as an organization stem directly from developing deep, meaningful relationships with our partners, which allows us to push boundaries and engage across every aspect of the multifamily affordable housing space through a mission-oriented, socially impactful approach.”

The investment significantly expands Guardian’s footprint while solidifying its presence in Oregon and establishing a meaningful entry into New Mexico. The properties acquired will remain affordable for current and future residents, reinforcing Guardian’s mission as a steward of long-term housing preservation.

“Guardian has always believed that stability in housing creates stability in lives,” said Brenneke. “This acquisition represents the type of large-scale, mission-driven investment we will continue to pursue in partnership with like-minded organizations, ensuring families across the Northwest and Southwest have access to safe, stable, affordable homes.”

About Guardian

Guardian is a developer, owner, and operator of multifamily properties, providing innovative real estate solutions dedicated to community and housing for all. Based in the Pacific Northwest, our customer-focused team is committed to supporting and lifting the communities we serve. Since 2002, Guardian has developed or acquired 14,000 multifamily units and 350,000 square feet of commercial space. With more than 500 team members, our management portfolio consists of 145 communities across five states.

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“This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing."