Fourth Avenue Capital Adds Two Class A Communities In Salem Oregon And Kalispell Montana

Fourth Avenue Capital has added two recently completed Class A communities to its growing portfolio, bringing the firm to 30 properties. The acquisitions include Spring Woods, a 174-unit community in Salem, Oregon, and Silver Star, a 72-unit community in Kalispell, Montana.

Spring Woods, completed in May 2025, comprises 10 residential buildings and a leasing office across 6.98 acres. The property offers a 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. Units include in-unit washers and dryers, air conditioning, quartz countertops, modern cabinetry, vinyl plank flooring, stainless steel appliances and private patios or decks. Community amenities listed include a leasing office, dog run and a children’s playground.

Salem’s local fundamentals cited in the release include robust job growth from 2023 to 2024, ranking the metro second in Oregon, and a government employment base exceeding 20,000 positions. The city also benefits from major private-sector employers in healthcare led by Salem Health and nearby higher education institutions, including Willamette University and Chemeketa Community College, which together enroll more than 10,000 students within five miles of Spring Woods.

Silver Star, completed in 2024, consists of 18 residential buildings on 5.72 acres with 72 three-bedroom, two-bath units averaging 1,205 square feet. Units feature in-unit washers and dryers, air conditioning, nine-foot ceilings and vaulted living rooms in second-floor homes. Interior finishes include quartz countertops, stainless steel appliances, hardwood cabinetry, large kitchen islands, gas ranges, gas fireplaces, private patios and vinyl plank flooring. The oversized layouts and higher-end finishes are positioned to meet demand for larger floor plans in the Kalispell market.

Kalispell serves as the primary city in Flathead County, an area the release identifies as among the fastest-growing regions in the United States. From 2020 to 2023, population growth there averaged 3.2 percent annually, and projections indicate growth will remain well above the national average in 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 transactions underscore a continuation of the strategy described by FAC: targeting newly constructed assets with modern finishes and larger unit footprints in markets with documented growth trends. Multifamily Leadership will examine how such acquisition strategies and asset types are being incorporated into portfolio planning at upcoming events and programming focused on innovation, operations and investment strategy.