BEND, ORE – (June 11, 2014) The Cedarwood Apartment complex located at 427 NE Thurston Avenue has sold to Medford, Oregon based investors, Orchard Park Apartments, LLC. Compass Commercial brokers, Ron Ross, CCIM and Terry O’Neil represented Cedarwood Holdings, LLC in the sale of the building for a value of $2,220,000.
“The buyers were impressed with Bend’s future growth prospects and strong rental market — now at an approximately one percent vacancy rate,” said Ross. “Their plan is for a long term hold and gradual upgrades to the property.”
Built in 1977 and recently renovated, the Cedarwood Apartments is comprised of 30 multi-family residences, all three bedroom and one and one-half bath units measuring approximately 1,137 square feet.
The buyer was represented by Wade Six of Medford based VI Commercial Real Estate, LLC.
Contact Ron Ross or Terry O’Neil at Compass Commercial at 541.383.2444 for information regarding this transaction.