Fourth Avenue Capital Expands Portfolio to Thirty Properties with Acquisitions in Salem Oregon and Kalispell Montana
Fourth Avenue Capital has expanded its portfolio to 30 properties with the acquisitions of Spring Woods, a 174-unit Class A community in Salem, Oregon, and Silver Star, a 72-unit Class A community in Kalispell, Montana. The transactions add recently completed, high-quality assets in two fast-growing regional markets.
Spring Woods, completed in May 2025, consists of 174 apartment homes across 10 residential buildings and a leasing office on 6.98 acres. Floor plans include one-, two-, and three-bedroom homes ranging from 640 to 1,215 square feet, with an average unit size of 1,001 square feet. Units feature in-unit washer and dryer, air conditioning, 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.
Salem’s market fundamentals frame Spring Woods’ positioning. From 2023 to 2024 Salem ranked as the second-fastest-growing metro in Oregon for job growth. As the state capital, Salem supports a government employment base of more than 20,000 positions. Major private-sector employers include Salem Health, and educational institutions such as Willamette University and Chemeketa Community College together enroll more than 10,000 students within five miles of the community.
Silver Star, completed in 2024, is a 72-unit community made up of 18 residential buildings on 5.72 acres. All units are three-bedroom, two-bathroom layouts averaging 1,205 square feet, among the largest floor plans in the Kalispell market. Residences include in-unit washer and dryer, air conditioning, nine-foot ceilings, and vaulted living rooms in second-floor units. Interior finishes feature quartz countertops, stainless steel appliances, hardwood cabinetry, large kitchen islands, private patios and decks, gas ranges, gas fireplaces, and vinyl plank flooring.
Kalispell serves as the primary city in Flathead County, a region with notable population growth. Between 2020 and 2023 population growth averaged 3.2 percent annually, well above the national average, with projections indicating sustained relative growth in the coming years.
“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.”
These acquisitions reflect a continued investor focus on newly constructed, well-located assets that combine modern finishes and larger unit footprints. For operators and capital partners, the deal activity underscores the importance of market fundamentals such as employment diversity, student populations, and regional population trends when assessing new supply and demand dynamics. Multifamily Leadership will continue to monitor how these assets integrate into Fourth Avenue Capital’s platform and the broader implications for regional multifamily markets.