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.
Senior Living Investment Brokerage sells 17 properties in single month
Glen Ellyn, Ill.—Senior Living Investment Brokerage Inc. has brokered the sale of 17 senior living properties in 13 separate transactions over the course of a one-month period. The properties, which include seven skilled nursing centers and 10 seniors housing communities located in 10 states, have accommodations for 1,400 residents. The total sales price exceeded $71.5 million.
“Buyers 12 to 18 months ago were cautious, because it wasn’t clear where the market was headed and lending sources were on the sidelines,” says Grant Kief, president of Senior Living Investment Brokerage. “We’ve seen a lot more acquisition activity during the last several months, due mainly to favorable interest rates, a lack of new construction, the impending impact of demographics, and the fact that senior living held up so well compared to other real estate sectors during the recession.”
HFF closes sale of Chicago Class A multi-housing community
HFF marketed the offering on behalf of the seller, Stockbridge Capital Group LLC. Prime Property Investors purchased the property on an all-cash basis.
Deer Valley Apartments is located at 30011 North Waukegan Road close to Interstate 94 about 32 miles north of downtown Chicago. The 13.5-acre site has 13 residential buildings plus a clubhouse. Apartment homes average 847 square feet each, and community amenities include garages, a clubhouse, swimming pool, fitness center and business center.
The HFF team representing Stockbridge Capital Group was led by Executive Managing Director Matthew Lawton and Managing Directors Sean Fogarty and Marty O’Connell.
Stockbridge Capital Group is a privately held real estate investment firm, which along with its affiliated investment manager, Core and Value Advisors, LLC, has approximately $4.3 billion of assets under management. The firm manages both separate accounts and commingled funds, primarily on behalf of corporate and tax-exempt public pension fund clients, and additionally provides strategic advisory services.
Prime Property Investors, Ltd. based in Northbrook, Ill., is a real estate investment firm founded by co-CEOs Barbara J. Gaffen and Michael H. Zaransky in 1994. PPI is a national niche real estate investment firm building a nationwide portfolio of student-housing properties on major university campuses and conventional Class A garden-style suburban apartment complexes throughout the United States.