Cyan Apartments is located at 1420 SW 4th Ave., which is at the south end of the Downtown core. Behringer Harvard Multifamily OP I LP, its operating partnership is acquiring the property in a 55-45 joint venture with Behringer Harvard Master Partnership I LP, which is 99% owned by Stichting Pensioenfonds Zorg en Welijn, a Netherlands-based social work sector pension fund based better known as PGGM.

The tower was developed by Gerding Edlen Development. The official seller is 4th & Harrison Investors, an LLC whose manager is 4th & Harrison Development, another LLC whose managers are Gerding Edlen managing partners Mark C. Edlen and Kelly T. Saito, according to the Oregon Secretary of State's office.

Gerding Edlen publicly made the switch from condos to apartments in October 2008. It was the sixth condo project in Portland to switch to apartments since spring 2007.