Maples 40, LLC recently completed the $4,000,000 purchase of The Maples apartment complex at 621-733 34th Avenue SE in Albany, Oregon.
The property is a 40-unit apartment building that was built in 1970. The new owner plans to modernize the interiors to better compete within the sub-market as some newer buildings have been built nearby. The Maples is situated on approximately 2.33 acres of land near the Corner of Marion St & 34th Ave SE. At the time of closing, the property was 99% occupied.
Cameron Mercer with Portland-based Norris & Stevens, Inc. represented both the Buyer, Maples 40, LLC, and the Seller, The Stanley Anthony Shulster Revocable Living Trust. Norris & Stevens has been retained by the new ownership to manage the property.
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 million square feet of commercial space and 9,000 apartment units.