August 18, 2017
Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.
Witham Hill Oaks Apartments, a 50-building community in Corvallis, OR, traded hands for $56 million. Verdant Development acquired the asset from Witham Hill Oaks Apartments, LLC.
The largest apartment community in Corvallis, Witham Hill Oaks spans 24.5 acres and consists of 420 units, which were built in three phases from 1968 through 1998. Located at 4275 Northwest Clubhouse Place, the property is near the Oregon State University campus, as well as major employers, including Hewlett-Packard and Good Samaritan Regional Medical Center.
CBRE’s Phil Oester, Joe Nydahl and Josh McDonald represented the seller.
Oester says, “This is a landmark sale for Corvallis, which has always had a fairly restricted supply of multifamily housing. The seller owned the property for 30 years.” The buyers plan to upgrade the property and hold it long term, he notes.
For comments, questions or concerns, please contact Dennis Kaiser