Wellesley Apartments in Salem sell for $5.7M

By: Lee Fehrenbacher//January 26, 2012//

Wellesley Apartments in Salem sell for $5.7M

Lee Fehrenbacher//January 26, 2012//

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A private investment group, consisting of a mother and her two sons, has purchased a 65-unit apartment building in Salem for $5.7 million.

Built in 2009, the Wellesley Apartments feature 37 two-bedroom and 28 three-bedroom units, which range in size from 994 to 1,180 square feet. Grayson Pounder of in Portland, who brokered the deal for both the buyers and sellers, said the three investors were looking for newer construction in the Portland area to help consolidate existing assets.

鈥淚t was a well designed, clean property close to Chemeketa and other areas in which they think they can draw a good tenant base,鈥� Pounder said.

Pounder said roughly 20 percent of the building’s existing tenants are students at Chemeketa Community College, which is nearly adjacent to the property. He said that would be a good draw for future tenants.

Pounder said the sellers were and Moyer Construction Co.

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