Marcus & Millichap Sells $10.2M Multifamily Property in Salem, OR

SALEM, OR – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Orchard Park, (top left photo) a 224-unit, 210,752-square foot Section 42 Low Income Housing Tax Credit (LIHTC) property in Salem.

The sales price of $10,292,000 represents $45,946 per unit and $49 per square foot.

The Tax Credit Group of Marcus & Millichap (TCG) represented the seller and the buyer. The Tax Credit Group is led by Robert L. Sheppard, (top right photo)  a senior vice president investments, along with Armand W. Tiberio (middle right photo)  and Spencer H. Hurst, (bottom right photo) vice presidents investments.

Matthew Williams, an investment specialist in the firm’s Portland office, also provided representation.

“Orchard Park’s intrinsic value and strong operations, combined with the submarket’s solid fundamentals, made it an attractive investment,” says Tiberio.

Located at 4100 Kacey Circle Northeast in Salem directly off Interstate 5, the property is near major employers and neighborhood services.

Orchard Park was constructed in 1993 under the Section 42 LIHTC program and has extended use restrictions in place until December 31, 2023. The property features 64 one-bedroom/one-bath units, 96 two-bedroom/two bath units and 64 three-bedroom/two-bath apartments.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716