SOLD! Silver Ridge Apartments, Silverton, Oregon

SOLD! Silver Ridge Apartments, Silverton, Oregon (Phase II Building)

SOLD! The “Silver Ridge Apartments” in Silverton, Oregon just sold for $2,250,000.  The property was built in two phases and featured two bedroom one bath units (phase one) and phase two on the adjacent lot contains beautiful, large units with garages.  Here are the statistics of the sale:

Price: $2,250,000

Cap rate:  7%

Silver Ridge Apartments, Silverton, Oregon (Phase 1 Built). photo from loopnet.com

Silver Ridge Apartments, Silverton, Oregon (Phase 1 Built). photo from loopnet.com

Other details of the sale: the buyer was credited $40,000 for miscellaneous repairs, and overall the property was in “very good” condition with a stable tenant base.  The buyer and sellers worked well together to consummate the sale, and was a true “win-win” for all involved!

Silver Ridge Apartments Interior (photo from Bertolucci Management)

Silver Ridge Apartments Interior (photo from Bertolucci Management)

Tony Cassie and Ryan Goode of Marcus and Millichap represented the sellers, and Bernard Gehret of Joseph Bernard Investment Real Estate represented the buyer.