Prometheus Purchases 342-Units in Lake Oswego

Prometheus Purchases 342-Units in Lake Oswego SAN FRANCISCO, CA - Prometheus Real Estate Group Inc., the largest private owner of multi-family properties in the San Francisco Bay Area, continues to expand its Pacific Northwest portfolio with the $51.2 million purchase of One Jefferson Parkway. Jones Lang LaSalle facilitated the transaction from a joint-venture partnership of Glendale, California-based American Realty Advisors & San Francisco, California-based Fowler Property Acquisitions.

"The property is strategically located only 15 minutes from Prometheus' downtown Portland assets and 20 minutes from our Hillsboro and Beaverton assets," said Executive Vice President and Partner John Millham, "One Jefferson Parkway remains the market leader in open space, amenities, finishes and ultimately rents. Prometheus diligently pursued this off market deal because of the asset quality, affluent submarket and high barrier to entry nature of Lake Oswego."

From its perch atop Mountain Park, the property enjoys panoramic views to the surrounding valleys in an extremely private setting. The community consists of two-and three-story apartment buildings, a renovated clubhouse/leasing center, indoor swimming pool and spa, and a fully-equipped fitness center. Built in 1988, One Jefferson Parkway has been completely renovated in recent years including interior and exterior upgrades such as granite countertops, stainless steel appliances, and new cabinets. One Jefferson Parkway offers a convenient commute to Portland CBD (8 miles) and the sunset corridor tech center (9 miles) with excellent accessibility to Interstate 5 and employment centers to the north and south.

Since its inception in 1965, Prometheus Real Estate Group has specialized in the development and management of high quality residential properties throughout the Western United States. Today, they are the largest private owner of multi-family properties in the San Francisco Bay area with a growing portfolio which includes over 19,000 class A apartments in Seattle, Portland, the San Francisco Bay Area and Los Angeles. Recognition includes over 70 awards since the firm's inception including 2010 MHN Best Property Management Company of the Year.
Source: Prometheus Real Estate Group

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