PORTLAND, OR - Security Properties and Pacific Life Insurance Company purchased One Jefferson, a 347-unit, Class A multifamily property located in Lake Oswego, OR, for $78,000,000.
The property is located in one of Portland's most prominent suburbs, Lake Oswego. Lake Oswego residents boast an average household income in excess of $84k/year and is also home to some of the area's most expensive single-family real estate (average home price of $585k). The area is also characterized by limited future supply of multifamily units, and access to top-performing schools.
One Jefferson Apartments is a garden-style apartment community that was constructed in 1987 and 1990. Unit interiors currently contain a variety of interior finishes. Due to this inconsistency, Security Properties will be focusing on establishing a uniform spec level. By combining the renovation of unit interiors with greatly improving amenity areas and overall aesthetics, Security Properties will re-establish One Jefferson as the area's premiere multifamily community.
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."
The property will be managed by Security Properties-affiliate Madrona Ridge Residential.