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10/18/16
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Security Properties and Pacific Life Insurance Company purchased One Jefferson Parkway, a 347-unit residential community in Lake Oswego, OR, for $78 mil ($225k/unit). The asset was sold by Jackson Square Properties.
Constructed between 1987 and 1990, the garden-style community offers one-, two- and three-bedroom apartments, with some of largest average square feet per apartment in the submarket. At the time of sale, the property was 96% occupied.
Jon Hallgrimson, Eli Hanacek and Josh McDonald of the CBRE Capital Markets Pacific Northwest Institutional Properties team represented both the seller and the buyer in the transaction. Nick Santangelo of CBRE’s Debt & Structured Finance organized the financing for the acquisition.
“The property—often referred to as the “crown jewel” of one of the West Coast’s most desirable markets—is a great addition to any owner’s portfolio,” said McDonald. “The upscale features, amazing views and easy access to downtown Lake Oswego, the Portland CBD and many other amenity-rich areas mark this as a fantastic opportunity.”
Barrett Sigmund, Sr. Director at Security Properties, says they acquired this property because “This deal epitomizes what we look for in value-add projects. Lake Oswego boasts some of the best schools, demographics and proximity to jobs of any suburban Portland submarket. Additionally, given the barriers to entry and limited future supply, there should be little new product in the submarket for the foreseeable future. This dynamic allows us to reposition the property and provide residents a best-in-class physical asset on par with the A+ location.”
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