August 18, 2017 Comments Off on Willamette Valley MF Sold for $56M Views: 698 National News, Oregon, West

Willamette Valley MF Sold for $56M

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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.

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