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North Pointe Sells to Investors Capital Group for $25M
Multifamily continues to shine even as the COVID cloud begins to lift in many areas. A recent example is North Pointe, a 160-unit multifamily community in Corvallis, OR, which recently sold to Investors Capital Group, a Seattle-based multifamily investment firm, for $25.15 million.
Located at 2675 NE Lancaster St., the 17-building garden-style community was originally constructed in 1996. The unit mix is comprised entirely of two-bedroom apartments with an average size of 846 square feet. Amenities include a pool and spa, sport court, business center, fitness center, playgrounds, sauna, pet washing station and 301 parking spaces.
CBRE’s Phil Oester, Josh McDonald and Joe Nydahl represented the seller, Los Angeles-based real estate development firm The Korda Group, in the transaction.
“North Pointe is an excellent quality community that has weathered the COVID-19 environment in exceptional fashion with under 2 percent vacancy in the past year,” said Oester.
- ◦Sale/Acquisition
