Guardian Closes $497M Buy of Western Multifamily Portfolio and Plans Affordable Conversion

Guardian has acquired a residential portfolio in two Western States for $497 million — a move that it plans to expand its affordable housing footprint. The deal, which was announced by the company as closed, represents Guardian's largest transaction since its establishment in 1971. In addition, the developer said that it was one of the U.S.'s largest real estate deals in all of 2025.

The portfolio, located in Portland, Oregon and Albuquerque, New Mexico, includes 15 total properties and 3,050 units. The assets were acquired in two separate phases, as one was purchased with institutional partner, AEW and the other was bought through a venture with JPMorgan Chase and a National Equity Fund (NEF).

According to Guardian, the units stand out for their "low turnover" and "historically" high occupancy. Moreover, all of the properties were built after 2000.

Importantly, Guardian said it will "voluntarily convert a portion" of the units into affordable units, which translates to 60 percent of the area's median income. The move aligns with its affordable housing strategy, which aims to expand and preserve these types of units.

“This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing," said Tom Brenneke, president at 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.”

Currently, Guardian manages 145 multifamily communities in five states. Brenneke said that the firm will continue to pursue partnership opportunities throughout the Southwest and Northwest, going forward.

Affordability has been putting pressure on single-family homes — creating demand for multifamily. In fact, a new Marcus & Millichap analysis shows that the national apartment market posted its best second-quarter net absorption performance since at least 1993, with vacancy falling to 4.3 percent. That comes as median prices for single-family homes increased by just 0.3 percent over the past 12 months, the sector's smallest margin witnessed since 2023.