PORTLAND—Security Properties and Pacific Life Insurance Co. purchased One Jefferson, a 347-unit, class A multifamily property located in Lake Oswego, OR, for $78 million. The property is located in one of Portland's most prominent suburbs, Lake Oswego. Lake Oswego residents boast an average household income in excess of $84,000 per year and is also home to some of the area's most expensive single-family real estate (average home price of $585,000). The area is also characterized by limited future supply of multifamily units, and access to top-performing schools. One Jefferson Apartments is a garden-style apartment community that was constructed in 1987 and 1990. Unit interiors currently contain a variety of interior finishes. Due to this inconsistency, according to a prepared statement, Security Properties will be focusing on establishing a uniform spec level.

SAUSALITO, CA—77 Bulkley Avenue, a 21-unit apartment property in Sausalito, CA, has changed hands. The $11.7 million sales prices equates to $557,142 per unit. “77 Bulkley presented a rare investment opportunity to acquire a multifamily property of its size and quality in one of the most affluent markets in Marin County,” says Erich Reichenbach, an associate director of Marcus & Millichap's National Multi Housing Group. “This transaction represents one of only a few 20-plus unit properties in Sausalito sold in the last 20 years. The asset provides new ownership with value-add opportunities and rental upside potential.” Reichenbach represented the seller and procured the buyer, House Properties, a private real estate investment company, with $300 million in assets, based in Mill Valley, CA. Founded in 1989, House Properties was established to acquire, reposition and develop, multifamily, retail, hotel, self-storage, and industrial real estate properties. Built in 1963, 77 Bulkley Avenue is within walking distance to schools, shopping, entertainment, dining options, and the Sausalito Ferry Terminal. The property is 1.4 miles from U.S. Route 101, a major transportation corridor. Community amenities include on-site laundry facilities and covered off-street parking and guest parking. Unit amenities include large private decks and individual furnaces and water heaters. In addition, all units have received interior renovations in the last 36 months.

FAIRVIEW, OR—Bellwether Enterprise Real Estate Capital recently closed on Chinook Way Apartments, a $14.7-million acquisition loan in Fairview, OR. With close proximity to the Tri-Met light rail, residents can access a quick connection to downtown Portland. Built in 2000, Chinook Way is a class A complex made up of 124 one-bedroom and two-bedroom units across six residential buildings on a 3.42-acre site. Each unit is complete with nine-foot ceilings, appliances, storage spaces, in-unit washer and dryers, and keyless controlled entries. Shared community amenities include a swimming pool, a hot tub, a barbecue area, a 24-hour fitness center, garage parking, and bike storage. The loan's originator Laurie Morfin, senior vice president in the Irvine office, delivered a 10-year, fixed-rate loan with only five years of interest to the borrowers, six tenants in a tenant-in-common loan structure.

BEAVERTON, OR—The Specht Co. and its affiliates recently sold four phases of its Beaverton Creek Business Park, located in Beaverton, OR. The property was marketed by Holliday Fenoglio Fowler LP., which closed sales with two separate buyers, along with arranging $27 million in financing for one of the buyers. The entire sale consisted of 11 buildings totaling 380,050 square feet and one 2.4-acre parcel of land, all of which have been leased by Nike. Artemis Real Estate Partners and Cruzan purchased three phases of the property (comprising 311,337 square feet) for $41.55 million. The other 68,713-square-foot phase was purchased for $9.5 million by a separate buyer. Another Specht entity retains ownership of a separate six-acre parcel in the Beaverton Creek Business Park immediately adjacent to the Beaverton Creek Light Rail Station that is also leased on a long term basis to Nike.

HAPPY VALLEY, OR—Intercontinental Real Estate Corp. headquartered in Boston, MA, and MG Properties Group, a private San Diego-based real estate investor and operator, have acquired the 390-unit Green Leaf Monterey Apartments in Happy Valley, OR. The purchase price was not disclosed. Happy Valley is a sought-after residential neighborhood in eastern Portland, Oregon. Residents benefit from convenient access to the 205 freeway and the property's location next to the 1.2 million square-foot Clackamas Town Center mall, which includes Nordstrom, Macy's, a 20-screen theatre, and a wide variety of other shopping, dining, and entertainment amenities. The buyers are rebranding the property as Riverwalk at Happy Valley and plan to execute a renovation program to improve common areas, resident amenity spaces, and to cure deferred maintenance items. The seller was represented by Cody Hagerman and Tyler Johnson at HFO. The buyers represented themselves. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Brian Eisendrath and Cameron Chalfant at CBRE.