30-Unit Apartment Building in Camas, WA Sells for $11,900,000

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Kidder Mathews is pleased to announce the sale of Clara Flats, a 30-unit mixed-use apartment building, for $11,900,000. The property, completed in 2020, consists of two buildings with two fully leased retail spaces. Located at 608 NE Birch Street, the buildings overlook the historic downtown of Camas and feature mountain and river views. Portland-based multifamily investments team led by Jordan Carter, Clay Newton, and Tyler Linn facilitated the transaction on behalf of the seller WDC Properties, a Portland-based development company.

“We continue to see Southwest Washington as a strong and viable marketplace with population growth and rental demand,” said Mark Madden, CEO and owner of WDC Properties. “The timing was beneficial for exchanges into future project pipeline site acquisitions. Clara Flats was a wonderful addition to the Camas downtown community,” he added.

“Camas is a desirable submarket with an excellent quality of life, high-paying jobs, great schools, and a charming downtown that belongs in a Hallmark movie. Investors love Camas, but inventory is very low and opportunities are rare, especially for newly built buildings,” said Kidder Mathews Executive Vice President Jordan Carter. “Clara flats checked all the boxes: newer construction, amazingly walkable location, large units, and plenty of parking,” Carter added.

The out-of-state buyer was in a 1031 tax-deferred exchange and was further attracted by Clara Flats’ highly desirable assumable loan terms.

About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 professionals in 19 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages over $10 billion in transaction volume, manages 55 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.

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