A 50-building apartment complex in Corvallis has sold for $56 million.

Witham Hill Oaks is the largest apartment community in Corvallis. It consists of 420 units built in phases from 1968 to 1998.

The seller, a limited liability company, had owned the property for 30 years, said Phil Oester, senior vice president of CBRE‘s capital markets team.

The buyer was Verdant Development of Palo Alto, California.

Witham Hill Oaks has one-, two- and three-bedroom apartments. Amenities include a pool, playgrounds, a basketball court, a fitness center, laundry facilities and covered parking.

Unusually, about half the units are single-level apartments, Oester said.

Corvallis saw effective rent growth of more than 6.5 percent in 2016, positioning Witham Hill Oaks as a prime candidate for repositioning, CBRE stated in a news release.

Witham Hill Oaks is near the Oregon State University campus and major employers such as Hewlett-Packard and Good Samaritan Regional Medical Center.

Oester, Joe Nydahl and Josh McDonald of CBRE’s Pacific Northwest multifamily team represented the seller, Witham Hill Oaks Apartments LLC.

State records list the manager of the seller’s LLC as Terry L. Holden of Las Vegas.

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