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The Oaks Multifamily Sells for $6.3M

125-Unit Albany Property Sold in Private Deal
October 31, 2012
Stankorp, Inc. sold The Oaks at 1415-150 Geary Cir. SE in Albany, OR to Steven Huffman, a San Diego-based multifamily developer, for $6.3 million, or about $50,000 per unit.

The apartment complex currently features 60 one-bedroom, one-bath units and 65 two-bedroom, one-bath units. The property is going to receive a new name and extensive renovations under the new ownership. This property was never on the open market, and sold when the buyer approached the owner with an offer.

Charles Brazer of Equity Pacific Real Estate represented both the seller and the buyer in the sale.

Please see CoStar COMPS #2577199 for more information on this transaction.

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