Fourth Avenue Capital Expands Portfolio with Two New Construction Acquisitions Totaling 246 Units in Salem, Oregon and Kalispell, Montana

SEATTLE, March 16, 2026 /PRNewswire/ -- Fourth Avenue Capital (FAC) announced the acquisition of Spring Woods, a 174-unit Class A apartment community in Salem, Oregon, and Silver Star, a 72-unit Class A community in Kalispell, Montana. These acquisitions expand FAC's portfolio to 30 properties.

Spring Woods – Salem, Oregon

Completed in May 2025, Spring Woods consists of 174 apartment homes across 10 residential buildings and a dedicated leasing office situated on 6.98 acres. The community offers a balanced mix of one-, two-, and three-bedroom floor plans ranging from 640 to 1,215 square feet, with an average unit size of 1,001 square feet. Each residence includes an in-unit washer and dryer and air conditioning.

Interior finishes reflect high-end Class A new construction standards in the local market, featuring quartz countertops, modern cabinetry, vinyl plank flooring, stainless steel appliances, and private patios or decks. Community amenities include a leasing office, dog run, and children's playground, providing a well-rounded living environment for residents.

From 2023 to 2024, Salem ranked as the second-fastest-growing metro in Oregon for job growth, trailing only Bend. As the state capital, Salem benefits from a stable government employment base of more than 20,000 positions, providing insulation from economic volatility. This foundation is further supported by major private-sector employers in healthcare, led by Salem Health, as well as prominent educational institutions including Willamette University and Chemeketa Community College, which together enroll more than 10,000 students within five miles of Spring Woods.

Silver Star – Kalispell, Montana

Completed in 2024, Silver Star is a 72-unit apartment community comprised of 18 residential buildings situated on 5.72 acres. All units feature three-bedroom, two-bathroom layouts averaging 1,205 square feet, representing some of the largest floor plans in the Kalispell market. Each residence includes an in-unit washer and dryer, air conditioning, nine-foot ceilings, and vaulted living rooms in second-floor units.

Interior finishes are top-of-market for Kalispell and include quartz countertops, stainless steel appliances, hardwood cabinetry, large kitchen islands, private patios and decks, gas ranges, gas fireplaces, and vinyl plank flooring. The oversized layouts and high-quality finishes appeal to residents seeking more space and functionality than typically available in conventional apartment communities.

Kalispell serves as the primary city in Flathead County, one of the fastest-growing regions in the United States. From 2020 to 2023, population growth averaged 3.2% annually, far exceeding the national average, and is projected to remain more than four times above the national average growth rate in the coming years.

Strategic Fit

"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."

About Fourth Avenue Capital

Fourth Avenue Capital is a real estate investment, development, and operating company headquartered in Seattle and Spokane, Washington. The firm focuses on middle-market multifamily assets throughout the Pacific Northwest.

FAC has acquired nearly 2,000 units/ beds to date and maintains a development pipeline exceeding 500 units with a projected cost basis of more than $150 million. The firm's existing assets under management total more than $500 million.

Fourth Avenue Capital plans to continue expanding its portfolio through strategic acquisitions, leveraging strong industry relationships and its ability to identify attractive investment opportunities. By aligning investor interests and implementing sustainable operating practices, the company seeks to create lasting value while making a positive impact on the communities it serves.

For more information about Fourth Avenue Capital, please visit www.fourthavecapital.com

Media Contact:

Fourth Avenue Capital
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www.fourthavecapital.com 

SOURCE Fourth Avenue Capital