By Adina Marcut
After CBRE Affordable Housing brokered the sale of a 43-property, 4,153-unit affordable housing portfolio, CBRE’s Capital Markets group secured the sale of Witham Hill Oaks Apartments, a 420-unit community located in Corvallis, Ore., on behalf of the seller, Witham Hill Oaks Apartments LLC. Verdant Development bought the asset for $56 million.
Located at 4275 NW Clubhouse Place, on approximately 24 acres, the community is ideally situated fewer than two miles from the Oregon State University campus and near major employers such as Hewlett-Packard and Good Samaritan Regional Medical Center. The 200,000-square-foot Timberhill Shopping Center anchored by Winco Foods, Ross and Petco is also nearby.
The 50 one- and two-story buildings consist of one-, two- and three-bedroom units ranging in size from 405 to 998 square feet. Witham Hill Oaks was built in three phases. The first 220 units were built in 1968, the next 168 units in 1977 and the remaining 32 units in 1998. Common area amenities include:
- Fitness center
- Swimming pool
- Two laundry facilities
- 635 parking spaces
“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. Verdant Development is the buyer and their plan is to upgrade the property and hold long term,” Phil Oester, senior vice president, CBRE Capital Markets, said in a statement.
Image courtesy of Yardi Matrix