River Road, River Creek Apartments Put Residents Close to Salem Jobs

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Acquisition of Marion Apartments and Fir Villa Court in Salem, Oregon

Based in Salem, Oregon, Paul Kerley has more than 40 years of experience leading Commercial Property Resources, Inc., where he manages a portfolio of 1,500 residential units across Oregon. Through his LLC, Guyker Properties, Paul Kerley recently acquired Marion Apartments and Fir Villa Court.

According to a pre-purchase appraisal, Marion Apartments is a two-story garden apartment building with a basement. With units that average 452 square feet, the building covers 7,502 square feet. Enhancements, which have been subject to periodic updates over the years, were introduced in the 1920s.

A multifamily garden apartment property encompassing 16 units, Fir Villa Court has net rentable space of nearly 13,000 square feet on a 1.5-acre site. The units, which include a three-bedroom apartment among predominantly one- and two-bedroom apartments, average 801 square feet. Improvements were undertaken in the early 1960s.

Located at 610 Commercial St. NE and 4851-4881 Blossom Ct. NE, the complexes were remodeled in 2017.

Multi-Tenant Property in Salem, Oregon, Acquired by Paul Kerley

Based in Salem, Oregon, Paul Kerley is a longtime real estate entrepreneur who oversees an extensive portfolio of rental properties and seeks out value-added investment opportunities. In September 2019, Paul Kerley guided the purchase of an industrial property in Salem, Oregon, at 572 and 576 Patterson Street Northwest.

Undertaken through Kerley Commercial, LLC, a solely owned corporation, the acquisition was of a pair of buildings situated on just over four acres of land. Totaling 63,305 square feet, the property encompasses two buildings. Both have an Industrial General (IG) zoning classification, with one built in 1945 and one constructed in 2008. In 2017, part of the property underwent redevelopment as a multi-tenant, industrial flex space.

At the time of the transaction, this part of the property had a full slate of tenants, including Northstar Martial Arts, Little Lois Cafe, Capitol City Sports, Xicha Brewing, and Evening Land Winery. The buyer in the $6 million transaction was represented by SMI Commercial Real Estate, LLC, while the seller had Legacy Real Estate as its principal broker.

River Road Apartments – A Small Complex Offers Two-Bedrooms Near Salem

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