S28, LLC recently completed the $3,400,000 purchase of Heather Apartments, a 28-unit, multi-family complex located at 3431 Hawthorne Ave NE, Salem, Oregon in Marion County.
Professionally managed by Norris & Stevens, Inc. for over sixteen years, Heather Apartments is a well maintained multi-family asset consisting of three buildings housing twenty-eight apartments. The property’s mix is made up entirely of large one-bedroom, one-bathroom units ranging from 750 – 768 square feet, each with their own private balcony or patio.
The apartment community is situated on 0.97 acres (42,323 SF) of land in the Northgate neighborhood of Salem, Oregon. Salem has proven to be a strong apartment market with continued upward pressure on rent growth and minimal new construction deliveries in the pipeline.
David C. Chatfield and Cameron Mercer with Portland-based Norris & Stevens, Inc. represented the Buyer as well as the Seller, Heather Apartments, LLC, in the transaction.
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 75 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.