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10/12/22
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One Jefferson, a 347-unit multifamily community in Lake Oswego, OR, traded hands in a recent $124 mil ($357.3k/unit) transaction. The asset was sold by a Security Properties-related joint venture.
Built in 1986, One Jefferson is located in Portland’s Southwest submarket at 1 Jefferson Parkway. The low-density, garden-style community comprises 58 three-story buildings on 20.5 acres. Units average 1k significant renovations in 2019, modernizing approximately 86% of the units with stainless steel appliances, granite countertops, tile backsplash, vinyl-plank flooring in wet areas and updated fixtures. The community also features resort-style common amenities including a year-round pool, spa, dog park, fitness center, picnic areas, outdoor lounge and sundeck, and 644 parking spaces.
One Jefferson is situated in the heart of the Mountain Park master-planned community and just minutes from Interstate 5, Highway 217 and Highway 99W arterials, providing residents quick access to Portland’s central business district and Silicon Forest employment hubs. Lake Oswego is an attractive neighborhood for the metro’s affluent – the median household income is $114,444 and 73% of residents hold a bachelor’s degree or higher, according to the U.S. Census Bureau.
CBRE’s Josh McDonald, Joe Nydahl and Phil Oester represented the seller in the deal.
“As an affluent community and top destination for the Metro’s high earners, Lake Oswego is a sought-after market for multifamily investors, but with a significant barrier to entry. Only one commercial land transaction of scale has sold since 2017 and most land is zoned for or occupied by single-family homes,” said McDonald.
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