2010-06-21 16:15:04 -
Albany, OR (June 21, 2010) — Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry brokered the $425,000 sale of Wedgewood Apartments, a 16-unit multifamily property located in Albany, OR. ARA Northwest’s region, with offices in Seattle and Portland, represented the seller, Crown NorthCorp, Inc., a group specializing in the management of performing and non-performing commercial and residential mortgage loans.
“Our Northwest region offices are seeing more demand from special servicers and lenders for our advisory services, suggesting the potential for more distressed properties to hit the market,” says Jim Claeys, Senior Vice President in Seattle. “Some special servicers and lenders, who’ve been watching a trend of declining rents
and occupancy rates, are eager to get control of their assets and get them in the market as soon as possible. Many times it is in the best interest of the lender to dispose of an asset immediately to achieve maximum value, especially if the asset requires substantial capital improvement and/or is located in a market in which the fundamentals are deteriorating.”
The property was purchased by Kerley Properties, LLC, a local, private investment group. According to Ira Virden, ARA-Portland Senior Associate with expertise in brokering private client transactions in Oregon and SW Washington, the transaction represents, “the kind of opportunity to purchase a distressed asset with tremendous upside potential through renovation and sound management, which today’s buyers are looking for.”
Comprised of spacious 2-bedroom 1-bathroom units, Wedgewood Apartments is located at 825 SE Waverley Drive in Albany, OR, which is within 90 minutes of the Portland Metropolitan area, world class skiing, and the spectacular Oregon coast. In close proximity, just 10 miles away, Corvallis, OR, is home to the 400-acre Oregon State University. In 1996, Corvallis was recognized as one of the most livable cities in the US and its recent periods of economic and infrastructural growth have positively impacted the standard of living in surrounding areas such as Albany.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Amy Holland at
aholland@ARAusa.com or 404-495-7300; locally, Ira Virden, at
ivirden@ARAusa.com or 503-575-9553.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $6.3 billion in real estate transactions since 2003. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.
