Developed in 1998, the property consists of 26 two- and three-story wood-frame buildings on 15 acres at the corner of 118th Southeast and Southeast Petrovitsky Road. Site amenities include indoor and outdoor swimming pools, spa and sauna, and a playground. About 42% of the units have one-bedroom and one-bath. The average unit size is 880 sf and the average asking rent is $1 per sf per month. There are eight other comparable apartment properties nearby, four older than Mission Ridge and four newer.

Prometheus' SVP of acquisitions John Millham tells GlobeSt.com the company bought a project in Beaverton, OR last year and has acquisitions people targeting the Northwest. With regard to Mission Ridge, he says Waterton did a good job managing the property and, although the purchase involved the assumption of debt with an above-market interest rate, he expects what is now a "sub-7%" cap rate will be "right close to 7%" within the next few months. The physical occupancy percentage is in the low 90s and the economic occupancy is in the 80s, he says. "We think the market will come back relatively soon," says Millham.

Prometheus is a 40-year-old family-owned company whose investment equity comes from an individual "with a fairly sizeable net worth," says Millham. The company's wealth has been created by buying and holding long term, he says. The company currently manages and/or owns 16,000 units, about 75% of which are located in the San Francisco Bay Area, and has another $200 million under construction. "We're looking to add units," says Millham.