PORTLAND, Ore., Oct 17, 2016 /PRNewswire/ --On October 14, 2016, 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.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 45 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 66,500 residential units at a cost of over $3.35 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com
About Madrona Ridge Residential
Madrona Ridge Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Madrona Ridge Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.
About Pacific Life
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2015 is compiled by Pacific Life using the 2015 FORTUNE 500® list.
News media contact:
Ed McGovern, 202.622.9900
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SOURCE Security Properties