College Park Apartments

Northwest Salem, situated across the Willamette River in Polk County, is a highly attractive submarket for multifamily investors due to its strong connectivity, growing residential base, and desirable quality of life. As part of Oregon’s capital city, Salem, the area benefits from its proximity to downtown and direct access via major arterials like Oregon Route 22 and the Marion Street Bridge. West Salem offers a mix of established neighborhoods, newer residential developments, and a blend of both suburban and urban amenities, which continue to draw renters. The area is served by the highly-rated Salem-Keizer School District and enjoys proximity to parks, retail centers, and riverfront recreation, making it especially appealing to families and working professionals. Investor interest is supported by Salem’s stable economic drivers, including state government, healthcare, education, and agriculture. As the third-largest city in Oregon and part of the broader Portland–Vancouver–Salem Combined Statistical Area, Salem continues to experience steady population growth, with 2020 census figures showing a 13.5% increase over the previous decade. Northwest Salem’s combination of natural beauty, expanding housing stock, and community-oriented planning has led to consistently strong occupancy rates and competitive rents. With ongoing infrastructure improvements and increasing demand for well-located rental housing, NW Salem presents a solid opportunity for long-term multifamily investment.College Park Apartments is a 46-unit community of mainly 2 story structures over 10 parcels on 3.05 acres in a wooded hilltop neighborhood of NW Salem, developed in two phases. Phase I, built in 1979, consists of seven gable-roofed buildings with 28 units, 24 of which are townhomes. Phase II, built in 1999, adds three gable-roofed buildings with 18 townhomes, 14 of which include attached single-car garages, while 3 have attached two-car garages. All Phase II units, except for a single three-bedroom/two-bath unit, include a bonus room with an accompanying hall closet. The property offers a diverse unit mix: 1 one-bedroom, 16 two-bedroom/1.5-bath (various layouts), 12 two-bedroom/two-bath, 2 two-bedroom/one-bath, 2 three-bedroom/one-bath, and 13 three-bedroom/two-bath units, ranging in size from 848 to 1,760 square feet, with an average size of 1,105 square feet. There are 89 parking spaces, providing almost a 2:1 parking ratio. Current monthly income is approximately $64,620, with a pro forma potential of $67,400 based on the highest achieved rents that still remain below Salem’s market averages as of September 2025. With its large site, townhouse-style layouts, and below-market rental rates, College Park Apartments provides both stable income and strong long-term growth potential.