Madras 16-unit apartments sell quickly for $890K
MADRAS, Ore. (KTVZ) -- In the midst of a pandemic and economic shutdown, Compass Commercial Real Estate Services brokers Ron Ross, CCIM and Terry O’Neil, CCIM sold the Juniper Court Townhomes in Madras, a 16-unit apartment complex, in less than 30 days for $890,000.
The Juniper Court Townhomes, located at 339 SW H Street in Madras, was listed at the beginning of April. The deal was closed by April 30. Ross and O’Neil represented the seller, Hal’s Dens, LLC, based in Molalla. The purchaser was identified as Sunrise Townhomes LLC
COVID-19 and economic shutdown presented a substantial challenge in selling the property, the real estate firm said.
Interior inspections of the occupied units were not deemed a safe practice, for both the occupants and inspectors. In light of these challenges, the seller was realistic and priced the property to sell.
There was a great deal of interest, and the sellers had offers within the first week of marketing. A local apartment investor with years of experience in the multifamily sector recognized the opportunity and purchased the property. They were pleased with the complex and were comfortable with no interior inspections.
The buyer funded the purchase with their funds, so they did not have to rely on a loan in these uncertain times. They intend to upgrade the property by remodeling the units on turnover.
