West Coast Real Estate Holdings, LLC recently completed the $8,200,000 purchase of Barclay Square Apartments, a 70 unit multi-family complex located at 2377 West Hayes Street in Woodburn, Oregon.
Constructed in 1975, the approximately 53,000 square foot complex is situated on 4.52 acres of land. The unit mix consists of thirty (30) 1BR/1BA units and forty (40) 2BR/1BA units located in nine buildings. The Sellers had completed multiple capital improvements over the past few years including new windows and siding. The purchaser is planning additional upgrades to the units, and the acquisition financing obtained included funds to accomplish this.
David C. Chatfield, Senior Broker, Multi-family Investments and Timothy Mitchell, President, with Portland-based Norris & Stevens, Inc. represented both the Buyer and the Seller, Christensen Properties II, LLC, in the transaction. This was the second property in the last year they sold for the Christensen group, and one of four apartment properties closed by the firm in the month of February, 2021.
Norris & Stevens, Inc. is one of the largest locally-owned, full-service commercial real estate brokerage firms in Oregon and SW Washington. A member of the TCN Worldwide network, the firm was founded in 1966 and currently employs around 80 professionals in investment sales, leasing and property management for office, industrial, retail, land, and multi-family properties. The firm’s property management portfolio exceeds 6 million square feet of commercial space and 9,100 apartment units.