73-unit Oregon City apartment complex sells for $12.8M
According to the county assessor's office, the 84,360-square-foot Forest Heights Apartments in Oregon City sold on June 30 for $12.8 million.
Forest Heights should not be confused with the Forest Edge Apartments. After continued evidence of a slow-moving landslide in 2015, Oregon City authorities required residents in 60 units in the Forest Edge Apartments to evacuate.
Both the Forest Heights' buyer and its seller had similar names, according to public records. ODA Forest Heights LLC purchased the 73-unit complex, 750 Cascade St., from Forest Heights Apartments LLC. According to the secretary of state, these LLCs show that the apartment complex was originally owned by Portland-based Norris & Stevens, Inc., which has now sold to California-based real estate investment firm One Degree Acquisitions, Inc.
Forest Heights is situated on approximately 5 acres of hilltop property looking over a forested wildlife reserve. The apartment complex includes 816-square-foot one-bedroom/one-bathroom units,1,006-square-foot two-bedroom/one-bathroom units, 1,006-square-foot two-bedroom/two-bathroom units and 1,231-square-foot three-bedroom/two-bathroom units.
Norris & Stevens' David C. Chatfield and Cameron Mercer represented both the seller and buyer in the transaction, according to the Oregon commercial real estate brokerage firm.
This online story has been updated to distinguish Forest Heights from Forest Edge in Oregon City. We apologize for the error.
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