Larsen said multifamily units are a sweet spot of the commercial real estate market, and some pricing dislocations in the segment helped smooth the way for the transaction. Buyers are looking for 20 to 30 percent reductions, which Larsen said he considered unreasonable. But sellers are recognizing that reductions of perhaps 5 to 10 percent are in order.

Larsen said it's a little unusual now to find new construction on the market—or any construction, due to low volumes overall. But he expects that to change "as developers start to look to unload their properties."

Vanamor is a private company whose leaders say they have acquired over 31,000 unites worth $6 billion during their careers. Blanton Commons marks the privately owned company's first acquisition in the Portland metro, though it holds interests via joint ventures in the area.

The company is targeting further acquisitions in Oregon, Washington, Arizona, California, Texas, Florida, Colorado, and Nevada. The company focuses on long-term, moderately leveraged opportunities that deliver outsized market returns, and says it is actively looking to partner with new investors.