CBRE arranged the sale of One Jefferson, a 347-unit multifamily community in Lake Oswego, Ore., to an undisclosed buyer for $124 million ($357,348 per unit).
CBRE’s Josh McDonald, Joe Nydahl and Phil Oester represented the seller, a joint venture associated with Security Properties.
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 1,049 square feet with floorplans ranging from studio to five-bedroom, five-bath layouts. Previous ownership completed significant renovations in 2019, modernizing approximately 86 percent 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.
“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 Josh McDonald, Senior Vice President at CBRE. “This transaction was a rare opportunity that met both the seller and buyer’s portfolio needs and investment horizons.”
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 percent of residents hold a bachelor’s degree or higher, according to the U.S. Census Bureau.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.