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$6M Buys 84-Unit Apartment Complex

BEAVERTON, OR-A Seattle-based investment group that owns properties along the West Coast acquires Fair Oaks Village Apartments, a six-building property here that is about five years old.

By Brian K. Miller | Updated on January 29, 2004

BEAVERTON, OR-GRAN Inc., a Seattle-based apartment investment group, recently acquired an apartment complex here as the upleg of a 1031 exchange.

The company paid $6.1 million for Fair Oaks Village, a six building, 84-unit complex located at 3150 Southwest 185th Ave. The cap rate on the investment is approximately 6%.

Built in 1998, Fair Oaks Village includes 24 one-bedroom/one bath units, 12 two-bedroom/one bath units, 36 two-bedroom/two-bath units and 12 three-bedroom/two-bath units. Rents at the complex range from $495- to $895 per month.

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