Fourth Avenue Capital has expanded its multifamily portfolio with the acquisition of two newly built apartment communities in Salem and Kalispell, bringing its total holdings to 30 properties.
The Seattle-based investment firm announced it has acquired Spring Woods, a 174-unit Class A community in Salem, Oregon, and Silver Star, a 72-unit development in Kalispell, Montana. Both properties were recently completed, aligning with the firm’s strategy of targeting newly constructed assets in growing regional markets.
Spring Woods, completed in 2025, spans nearly seven acres and consists of 10 residential buildings alongside a leasing office. The community offers a mix of one-, two-, and three-bedroom apartments, with modern interiors including quartz countertops, stainless steel appliances, and private outdoor spaces.
The Salem market has shown strong economic fundamentals, supported by government employment and major institutions such as Salem Health, Willamette University, and Chemeketa Community College. These factors, combined with steady population and job growth, make the area attractive for long-term multifamily investment.
The second acquisition, Silver Star, was completed in 2024 and features 72 units spread across 18 buildings. Unlike typical apartment offerings, all units are three-bedroom layouts, catering to residents seeking larger living spaces.
The development includes high-end finishes such as hardwood cabinetry, gas fireplaces, and large kitchen islands, along with features like vaulted ceilings and private patios. Its location in Kalispell positions it within one of the fastest-growing regions in the U.S., with population growth significantly outpacing national averages in recent years.
Company leadership emphasized that both acquisitions align with its broader investment strategy focused on value and growth potential.
"Both of these acquisitions align with a core thesis we have of acquiring newly constructed assets below replacement cost in high-growth markets," said Davis Vaughn, Managing Partner at Fourth Avenue Capital. "With limited future supply and larger-than-average floor plans, we believe these properties are well-positioned to achieve outsized rent growth over the long term."
Fourth Avenue Capital’s latest acquisitions reflect a broader trend among real estate investors targeting secondary and tertiary markets across the Pacific Northwest and Mountain West regions. These areas often offer lower acquisition costs, faster population growth, and fewer supply constraints compared to major metropolitan hubs.
By focusing on newly constructed Class A properties, the firm reduces near-term capital expenditure needs while appealing to tenants seeking modern amenities and energy-efficient designs. Larger unit sizes, such as those seen in the Kalispell property, also reflect shifting tenant preferences toward more flexible living spaces—particularly among remote workers and families.
The company’s growing pipeline, which includes more than 500 units under development, signals continued expansion as it seeks to capitalize on demographic trends, including migration to smaller cities and sustained housing demand.
With more than $500 million in assets under management, Fourth Avenue Capital is positioning itself as a key player in the middle-market multifamily sector, balancing investment returns with community-focused development strategies.
Originally reported by Fourth Avenue Capital in PR News Wire.
