An apartment complex recently built in the Salem-Keizer area has sold for $39.3 million to a regional investor.

Spring Woods, completed in 2025, was purchased by Fourth Avenue Capital, a real estate investment firm based in Spokane, Washington, that owns approximately 30 properties in the Pacific Northwest.

The seller was Killen Development, a developer based in Camas, Washington, that has been active in Salem. The transaction values the 174-unit asset at $225,862 per unit.

“This is exactly what happens when you bring a high-quality asset to market and run a disciplined process,” SMI Real Estate broker Matt Miller stated in a news release. “We had strong conviction in the opportunity from day one, and the market responded immediately.”

Miller and Gabe Johansen, president of SMI Real Estate, represented Killen Development in the sale. Broker Jude Soldati helped identify the buyer.

Spring Woods is located at 4040 Hayesville Drive N.E., just outside of Salem city limits and close to Interstate 5 and Oregon Route 99E.

The transaction is the largest acquisition to date for Fourth Avenue Capital.

The post Investor purchases 1-year-old multifamily property near Salem appeared first on Daily Journal of Commerce.