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8/16/17
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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.
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