JLL Capital Markets announced that it has closed the $35.75 million sale of Sheldon Butte, a 176-unit, garden-style, value-add apartment community in Eugene, Oregon.
JLL represented the seller, Cumberland Holdings, LLC. Clear Capital, LLC acquired the asset.
Built in 1972, Sheldon Butte features units with vinyl plank and carpet flooring, white and jet-black appliances, laminate countertops, natural wood cabinetry, a balcony or patio in select floorplans and an average unit size of 736 square feet. Community amenities include a leasing office, a community lounge, a fitness center, a pool and spa, four laundry facilities, a recycling center, a dog park, picnic and barbecue areas and a community garden.
Located at 2555 Willakenzie Rd., the community offers residents accessibility to Coburg Road, Route 569, Interstates 5 and 105, downtown Eugene, Springfield and Eugene Airport. The location also provides proximity to top employers such as PeaceHealth and the University of Oregon, in addition to educational institutions, including Oregon State University, Lane Community College, Bushnell University, Sheldon High School, Monroe Middle School and Willagillespie Elementary School. Centrally located between Oakway Center, The Shoppes at Gateway and Valley River Center, Sheldon Butte residents benefit from the 9.6 million square feet of retail options within a three-mile radius, as well as various entertainment opportunities at Sheldon Sports Park, Autzen Stadium, Willamette River, Oakway Golf Course, Alton Baker Park and Hayward Field.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Ira Virden, Senior Director Carrie Kahn and Associate Frank Solorzano.
“Sheldon Butte represents an opportunity to own a true blank-slate, value-add community in one of the West Coast’s most highly demanded secondary markets,” said Virden. “The property’s central location off Coburg Road, one of the city’s primary retail arterials in the heart of Eugene, makes it well-positioned for significant capital appreciation.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.