An investment group led by Russell Hosner, LLC, a Portland-based real estate investment company, recently completed the $6,700,000 purchase of Springhaven Apartments at 1108-1195 Park Circle & 1625-1667 Park Avenue in Woodburn, OR as part of a 1031 tax deferred exchange.
The 44-unit duplex and townhome project is situated on approximately 2.58 acres of land encompassing 19 buildings on 45 separate tax lots and includes attached garages for all units. At closing, the property was 95% occupied with two units available. The project was completed in phases from 1983 to1992 and had never been on the market for sale prior to this transaction.
David C. Chatfield, exclusive listing agent with Portland-based Norris & Stevens, Inc., represented both parties to the transaction, including the sellers The James A. Halter Revocable Living Trust and David L. & Gaylene M. Lund. At closing, the price represented a new record high price per unit for apartment sales in the Woodburn market.
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 approximately 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 6.5 million square feet of commercial space and over 8,500 apartment units.