Equity Pacific is pleased to announce the sale of the 26-Unit Fountain Court Apartments located in Hermiston, Oregon. The Fountain Court Apartments sold for $1,195,000 ($45,962 per unit and $61 per SF).
Built in 1978 this investment property is made up of three buildings comprised of twenty two (22) 2BR/1BA units of approximately 750 SF and four (4) 1BR/1BA units of approximately 650 SF. Many of the units have been recently upgraded. There is on-site laundry and ample off-street parking.
Equity Pacific conducted an in-depth rent and economic development analysis for the area and determined the property to be a solid investment in one of the fastest growing regions in Eastern Oregon. Hermiston has grown into a regional retail hub, home to the Union Pacific Railroad switching facility, a refrigerator cargo dock on the Columbia River and is located on several major east-west and north-south freeways.
This purchase fulfilled the buyers’ 1031 exchange following the sale of their NE Portland 4-Plex in April. The buyers effectively increased their cash flow from less than $1,000 to more than $3,000 per month. The new owners intend to continue to make improvements to the apartments to achieve top of the market rents.
Jason Waxberg represented the buyer to the transaction.
140 SW 9th Street | Hermiston, Oregon 97838