Security Properties Snags MF for $78M

Security Properties, with help from Pacific Life Insurance Co., acquired One Jefferson, a 347-unit, Class A multifamily property in Lake Oswego, OR. The buyer paid seller Friedkin Realty Group and Jackson Square $78 million for the asset, which it regards as a value-add play.

One Jefferson Apartments at 1 Jefferson Pkwy. delivered in 1987 and 1990. Unit interiors have different finishes, and the new owner’s plan is to establish uniform standards for each apartment, while boosting amenity areas as well. The property will be managed by Madrona Ridge Residential, a subsidiary of the buyer.

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