SOLD! Country Club Apartments | $1,960,000
43 UNIT MULTI-FAMILY INVESTMENT
Equity Pacific is pleased to announce the sale of the 43-Unit Country Club Manor Apartments located at 605 Umatilla Avenue in Umatilla, OR. The property sold for $1,960,000 ($43,581 per unit and $60.51 per SF). Country Club Manor was built in 1977 with extensive remodel in 2013-14. The property offered over 10% immediate cash flow based on the in-place income and expenses and over 17% cash flow after stabilizing at market levels.
Marketing Country Club Manor presented particular challenges as Umatilla is a much smaller, more tertiary sub-market. Equity Pacific welcomed the challenges and were able to locate and identify several qualified investors. The most qualified buyer submitted the strongest offer and swiftly completed their due diligence ultimately resulting in a successful close of escrow.
Chuck Brazer represented the seller to the transaction.