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Madras Apartment Complex Sold

Compass Commercial Real Estate Services announces the sale of the Cascade Ridge Apartments in Madras, Oregon. It was purchased by a Seattle area investor that focuses on owning and operating apartment housing in smaller, rural communities in the Pacific NW. This 64-unit complex is the largest market rate apartment project in Madras. The project consists of seven buildings containing 64 units plus an office and laundry room and is situated on 5.11 acres. It was built in 1996 and was 100% occupied at the time of sale.

Brokers Ron Ross, CCIM and Terry O’Neil, CCIM represented the seller, Cascade Ridge of Madras, LLC. The sale of the apartment complex closed in early November and sold for $5,675,000 representing a cap rate of 6.5%.

Ron Ross stated, “This is a beautiful apartment complex in Madras, and in good condition. It received a ton of attention when it hit the market with multiple offers. The rate of return was a bit higher due to the smaller, rural community. We were able to find just the right buyer in a fairly short time frame, enabling the sellers to achieve their objective with a 1031 tax deferred exchange.“