Prometheus Buys 342-Unit Property in Oregon

Jun 10, 2011

MHN Online

Lake Oswego, Ore.—Prometheus Real Estate Group Inc. has completed a $51.2 million purchase of One Jefferson Parkway, a 342-unit community located in Lake Oswego, Ore. Jones Lang LaSalle facilitated the transaction from a joint venture partnership of American Realty Advisors and Fowler Property Acquisitions.

“One Jefferson Parkway remains the market leader in open space, amenities, finishes and ultimately rents,” says John Millham, executive vice president and partner at Prometheus. “Prometheus diligently pursued this off market deal because of the asset quality, affluent submarket and high barrier to entry nature of Lake Oswego.”

Built in 1988, One Jefferson consists of two-and three-story apartment buildings, an indoor swimming pool and spa, and a fitness center. The property has been recently renovated with interior and exterior upgrades such as granite countertops, stainless steel appliances and new cabinets. Lake Oswego is just eight miles from Portland and nine miles from the sunset corridor tech center.