The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Verdant Development Pays $56 Mil for OR Res Asset

8/16/17

Verdant Development closed on a 420-unit OR res buy, paying $56 mil ($133k/unit) for Witham Hill Oaks Apartments, a 50-building apartment community in Corvallis.

The largest apartment community in Corvallis, Witham Hill Oaks sits on 24.5 acres at 4275 NW Clubhouse Place. It was built in three phases in 1968 (220 single level units), 1977 (168 units) and 1998 (32 units).

The property offers residents a mix of one-, two- and three-bedroom units with modern appliances and finishes. The community also includes a fitness center, clubhouse, basketball court, children’s playgrounds, pool, spa, laundry facilities and covered parking.

Witham Hill Oaks is ideally located less than two miles from the Oregon State University campus and near major employers, including Hewlett-Packard and Good Samaritan Regional Medical Center. In addition to its growing job base, area retail options are numerous—most notably, the 200k sf of Timberhill Shopping Center anchored by Winco Foods, Ross and Petco.

Phil Oester, Joe Nydahl and Josh McDonald of CBRE Capital Markets' Multifamily team in the Pacific Northwest represented the seller, Witham Hill Oaks Apartments LLC. According to Oester, the seller owned the property for 30 years.

With effective rent growth in Corvallis over 6.5% in 2016, Witham Hills Oaks is a prime candidate for value-add enhancements to reposition the property. The Witham Hill neighborhood is considered one of the best residential locations in Corvallis. The median home price in the city is $328,000, which is up 9.3% over the past year.





Return to the Archive page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media