Home Finance 160-Unit Multifamily Community in Corvallis, Oreg., Trades for $25.15MM

160-Unit Multifamily Community in Corvallis, Oreg., Trades for $25.15MM

CBRE, North Pointe, Corvallis, Investors Capital Group, The Korda Group
Courtesy of CBRE

(EDITOR’S NOTE: The property sold for about $157,188 per unit.)

Portland  – CBRE has announced the sale of North Pointe, a 160-unit multifamily community in Corvallis, Ore., to Investors Capital Group, a Seattle-based multifamily investment firm, for $25.15 million.

CBRE’s Phil Oester, Josh McDonald and Joe Nydahl represented the seller, Los Angeles-based real estate development firm The Korda Group, in the transaction.

Located at 2675 NE Lancaster Street, the 17-building, garden-style community was originally constructed in 1996. The unit mix is comprised entirely of two-bedroom apartments with an average size of 846 square-feet. Amenities include a pool and spa, sport court, business center, fitness center, playgrounds, sauna, pet washing station and 301 parking spaces.

“North Pointe is an excellent quality community that has weathered the COVID-19 environment in exceptional fashion with under two percent vacancy in the past year,” said Mr. Oester.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.