SMI Real Estate is pleased to announce the successful closing of Spring Woods Apartments, a newly constructed 174-unit multifamily community located at 4040 Hayesville Drive NE, Salem, OR, for $39,300,000.

Built in 2025, Spring Woods represents one of the highest-quality multifamily developments in the region. The property generated immediate market interest, going under LOI within days of launch and moving through a clean, well-executed closing process.

SMI Real Estate’s Gabe Johansen, President, and Matt Miller, Broker, represented the seller, Killen Development LLC, while Jude Soldati, Broker, played a key role in identifying the buyer, Fourth Ave Capital. The transaction marks the largest acquisition to date for Fourth Ave Capital and one of the most notable multifamily trades in the Salem market.

“This is exactly what happens when you bring a high-quality asset to market and run a disciplined process,” said Matt Miller of SMI Real Estate. “We had strong conviction in the opportunity from day one, and the market responded immediately. Credit to both Killen Development for delivering a best-in-class product and Fourth Ave Capital for stepping in decisively and executing at a high level.”

The sale underscores continued demand from private and institutional capital for newly built, well-located multifamily assets across the Oregon.

For more information regarding this transaction, please contact Gabe Johansen or Matt Miller at SMI Real Estate at 503.390.6060.