Construction Maison

Woodburn, Ore. —A private investor has acquired the Barclay Square Apartments , a 70- unit apartment property in Woodburn, Ore., for $6.27 million, from an investor with holdings in Oregon and Washington. At $89,571 per unit, the transaction represents the highest apartment price ever recorded in the city of Woodburn. Marcus & Millichap represented both parties in the transaction. “The record price achieved here in Woodburn is a reflection of prices currently being achieved throughout Oregon’s secondary and tertiary markets,” Georgie Christensen, a multifamily specialist in Marcus & Millichap’s Portland Office , said. Located at 2377 West Hayes Street , the property totals 46, 000 square feet and offers one- and two-bedroom units. The Barclay Square Apartments feature plenty of off- street lighted parking , a fenced playground area and coin- operated laundry rooms with brand new high efficiency front -load washers. Woodburn is approximately 30 minutes outside of Portlan...

Local investors beware: Central Pennsylvania is on the map for outside groups looking for higher returns. Last month, The Solomon Organization , a New Jersey-based operator of multifamily properties, closed on a $25.7 million purchase of the newly built Ivy Ridge Apartments in Swatara Township . That price — $117,913 per unit — is the highest in the Harrisburg market this year. It also marked the company's first foray into the Harrisburg area after landing in Lancaster County six years ago. It owns six communities in Lancaster County and more than 1,200 units. "Two years ago, you said 'Harrisburg' and people would just hang up the phone," said Zachary Pierce, director of the National Multi Housing Group in Philadelphia for Marcus & Millichap Real Estate Investment Services . Outside investors were interested only in primary markets such as New York City and Washington, D.C., and maybe Philadelphia, he said. But as prices have shot up in those prime areas, th...