CBRE Capital Markets has arranged the sale of Witham Hill Oaks Apartments, a 50-building community in Corvallis, Oregon.
Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Pacific Northwest Multifamily Team represented the seller, Witham Hill Oaks Apartments, LLC.
“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,” said Phil Oester, Senior Vice President, CBRE Capital Markets.
The largest apartment community in Corvallis, Witham Hill Oaks spans 24.5 acres and consists of 420 units, which were 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 200,000 square feet of Timberhill Shopping Center anchored by Winco Foods, Ross and Petco.
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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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. Please visit our website at www.cbre.com.