November 30, 2023
NORRIS & STEVENS, INC. BROKERS $4.088M SALE OF THE HEATHER APARTMENTS IN SALEM, OREGON
Gary Pope and Ron Montplaisir recently completed the $4,088,000 purchase of the Heather Apartments, a 28-unit multi-family property located at 3431 Hawthorne Ave NE in Salem, Oregon.
Professionally managed by Norris & Stevens, Inc. for over seventeen years, the Heather Apartments is a well-maintained multi-family asset comprised of three buildings located in NE Salem. Constructed in 1978, the property’s unit mix consists entirely of one-bedroom, one-bathroom units ranging from 750 to approximately 768 square feet, each with their own private balcony or patio. The apartment property recently had its exterior envelope updated in 2022.
Conveniently located within the Northgate neighborhood, Heather Apartments offers tenants close proximity to I-5 and many retail, dining and entertainment options. Salem has proven to be a strong apartment market with continued upward pressure on rent growth and minimal new construction deliveries in the pipeline.
Cameron Mercer and David C. Chatfield with Portland-based Norris & Stevens, Inc. represented the Buyer and the Seller, S28, LLC, in the transaction.
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 around 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 5.9 million square feet of commercial space and 9,100 apartment units.