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A 168-unit apartment asset in Salem has sold for $32 million.

The property, Fruitland Meadow, offers studio, one-, two- and three-bedroom units on 8.16 acres on the southeast edge of the capital city.

Investors Capital Group of Seattle sold the property at 5164 Caplinger Road S.E. to an undisclosed buyer. The transaction was not yet listed in Marion County records.

CBRE鈥檚 Josh McDonald and Joe Nydahl represented the seller in the transaction. The sale equates to $190,476 per unit.

Salem is 鈥渦ndergoing rapid transformation driven by population growth and shifting housing dynamics,鈥� McDonald stated.

Fruitland Meadows 鈥渙ffers a rare combination of lifestyle, access and long-term upside in a market poised for sustained growth,鈥� he added.

Multifamily properties in the Salem-Keizer market had a 6 percent vacancy rate this fall, up from 5.2 percent a year ago, according to the Multifamily NW Apartment Report.

Average rents grew 2 percent from $1.67 to $1.70 per square foot. The statewide report surveyed 45 properties in Salem-Keizer totaling 3,168 units.