The Meadowbrook Apartments, a 48 unit complex located in McMinnville, sold for $4,800,000. The well operated property featured a mix of one and two bedroom units, a quiet rolling hillside with green space and low density apartments.
Price Per Unit: $100,000
Price Per Square Foot: $142.05
Estimated cap rate (actual): 4.5%
Estimate cap rate (pro forma): 6.02%
Here is the property flyer:http://www.josephbernard.net/meadowbrook-apartments
The buyers were represented by Tyson Cross of HFO Investment Real Estate, and Gabe Johansen of SMI Commercial Real Estate. The sellers were represented by Bernard Gehret of Joseph Bernard Investment Real Estate. For more details on this sale call Bernard at 503.546.9390.