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Witham Hill Oaks Apartments, a 420-unit apartment community in Corvallis sold for $56M. The seller was an LLC named after the property, while the buyer was private.
The largest apartment community in Corvallis, Witham Hill Oaks spans 24.5 acres and was built in three phases in 1968 (220 units), 1977 (168 units) and 1998 (32 units).
“This is a landmark sale for Corvallis, which has always had a fairly restricted supply of multifamily housing," CBRE Capital Markets Senior Vice President Phil Oester said. "The seller owned the property for 30 years.”
With effective rent growth in Corvallis over 6.5% in 2016, Witham Hills Oaks is a candidate for value-add enhancements to reposition the property.
Along with Oester, colleagues Joe Nydahl and Josh McDonald represented the seller.
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