One Jefferson Parkway Seller Makes Tidy Profit In 3 Years
Security Properties and Pacific Life Insurance Co acquired the 347-unit One Jefferson Parkway apartments in Lake Oswego for $78M from Jackson Square Properties. The seller had only held the property for three years, buying it in 2013 for $63M. The complex dates from the late 1980s.
Seattle-based Security is approaching the property as a value-add, with plans to renovate unit interiors and improve common amenities, the Portland Business Journal reports. The CBRE Capital Markets Pacific Northwest Institutional Properties team of Jon Hallgrimson, Eli Hanacek and Josh McDonald repped both the buyer and seller. Nick Santangelo of CBRE’s Debt & Structured Finance organized the financing for the acquisition. [PBJ]