One Degree Acquisitions, Inc. out of California recently completed the $10,400,000 purchase of the Sunnyview Village Apartments located at 4200 Sunnyview Rd NE in Salem, Oregon.
Sunnyview Village, constructed in 1997, consists of seven two- and three-story buildings containing 58 units on 2.42 acres in northeast Salem. The apartment complex boasts a very attractive unit mix made up of larger-than-market two bedroom/one bath, two bedroom/two bath, and three bedroom/two bath apartments. All units include a full size washer and dryer, walk-in closets, as well as a balcony or patio with a storage closet.
The property was fully marketed receiving multiple offers at over the listing price. There was an approximately 65 day escrow period with the property closing above the asking price. The multiple offers represented the strong pent-up demand for multifamily assets outside of the Portland metro. Norris & Stevens has professionally managed the property for over 15 years, and will retain management for the new owner.
David Chatfield and Cameron Mercer with Portland-based Norris & Stevens, Inc. represented the buyer and the seller 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 5.9 million square feet of commercial space and 9,100 apartment units.
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