Fourth Avenue Capital Expands Pacific Northwest Portfolio with Medford MF Acquisition
Fourth Avenue Capital has acquired Ridgewood, a 96-unit apartment community located in Medford, Oregon. The acquisition expands the firm’s portfolio to 28 properties, including 13 others in Oregon.
Built in two phases between 2002 and 2004, Ridgewood was originally constructed as for-sale condominiums featuring 96 units across 13 residential buildings, along with a standalone leasing office. Fourth Avenue Capital assumed the seller’s existing financing, which carries a favorable rate of 3.89% until 2030.
Conveniently located near shopping, parks and numerous wineries, Ridgewood offers apartment homes with two- and three-bedroom units across 3.9 acres. Josh McDonald and Joe Nydahl of CBRE represented the seller and buyer in the transaction.
“Ridgewood is an infill, condo-quality asset with differentiated floor plans due to their size,” said Davis Vaughn, Managing Partner at Fourth Avenue Capital. “By selectively focusing on growing secondary markets with limited supply, we are able to deliver outsized yield to our investors.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout