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130-Unit Complex Trades for $75,400/Unit

GRESHAM, OR-The Fuller family of San Clemente, CA pays $9.8 million for Stark Street Crossings, a 12-building community that was completed in 2004 and only recently stabilized.

By Brian K. Miller | Updated on March 31, 2005

GRESHAM, OR-The Stark Street Crossings apartment complex here has changed hands for $9.8 million or $75,400 per unit. Local builder Sunnyside Development sold the property to an investor group that included brothers Jerry and Kenneth Fuller of San Clemente, CA.The property is located on 5.4 acres at 20433 SE Stark St., which is getting close to the high-tech element of Gresham. The development’s 12 three-story buildings contain 23 one-bedroom units, 98 two-bedroom units (65 with two bathrooms), and nine three-bedroom units. Occupancy at time of sale was about 90%, which compares to a market average of about 92%, according to the buyer’s broker, Phil Oester of Hendricks & Partners in Portland. The seller’s broker was Mike Millet of Portland-based Millette & Rask. Oester tells GlobeSt.com that the Fullers were using 1031 exchange monies from the sale of properties in California and Washington. They assumed the loan on the property, which carried a 5.53% interest rate. “This property never really got onto the market,” says Oester. “I know the seller.”In December, Oester brokered the sale of Holly Ridge, a 15-year-old, 440-unit garden-style property in Gresham on Powell Road that went for about $26.5 million, or $60,227 per unit. The seller was an individual developer from Utah. The buyer was Fowler Property Acquisitions LLC. The deal included credits for siding, says Oester.

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