Two multifamily properties in Oregon have sold for a total of $83 million. Oak Vale, a 257-unit complex in Corvallis, sold for $55 million, and Anjou Club, a 181-unit complex in Talent, sold for $28 million.
The buyer was Verdant Development of Palo Alto, California. The seller was Bender Equities of Hillsboro.
“The quality of construction and maintenance of these two properties attracts and retains the most discerning renters, and previous ownership was meticulous in their upkeep and reinvestment,” Anthony Palladino, Institutional Property Advisors senior director of investments, stated in a press release last week. “With an average occupancy rate of 96.5 percent over the last five years, Corvallis is often among the strongest apartment markets in the state. Talent, a suburb of Medford, benefits from the region’s population growth, which by 2045 is expected to increase by over 31,000 new residents.”…