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10/28/15
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Pacific Urban Residential has acquired The Mark at Lake Oswego, an 82-unit, garden-style multi-housing community in Lake Oswego, OR, a southern suburb of Portland. The asset was sold by FPA MultiFamily LLC in a $15.5 mil ($189k/unit) transaction.
The Mark at Lake Oswego is situated on approximately 6.47 acres at 15000 Davis Lane, within 1.4 miles of I-5 and Hwy 217, which provide access to downtown Portland and other major regional employers such as Intel and Nike. The community is north of Lake Oswego’s riverfront downtown area and proximate to high-end retail destinations, such as Lake View Village and Bridgeport Village, and nationally top-rated schools.
Renovated in 2012, the property consists of nine residential buildings encompassing studio, one- and two-bedroom units averaging 903 sf each. Community amenities include a swimming pool, sundeck, grilling/picnic area, 24-hour fitness center, business center and clubhouse with TV lounge and kitchen area. It was 95% leased at time of sale.
Ira Virden and Kerry Hughes of HFF represented the seller in the deal. The buyer assumed existing debt on the property.
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