One Jefferson complex sold for $51 million three years ago

One of the biggest real estate transactions in the Portland metro area this year involves a Lake Oswego property.

One Jefferson Apartments, a 347-unit complex at 1 Jefferson Parkway, was purchased for $63 million in a transaction finalized last month.

It is the first Oregon property for the buyer, San Francisco-based Friedkin Realty Group, which owns 35 properties total, most of them suburban apartment buildings. Of Friedkin Realty’s holdings, five properties are located in Washington and 10 are in California. Friedkin also boasts a significant presence in the Chicago rental market.

The seller, Prometheus Real Estate Group, acquired the property near Kerr Parkway for $51.3 million in 2011.

Friedkin Group founder and chairman Morton Friedkin sees his first acquisition in the Portland metro area as a savvy entry into an especially low-vacancy market.

“The Portland metropolitan area is well sought after by those looking to make sound investments,” Friedkin explained. “The multifamily market has become much in demand. Oregon is feeling that.”

“Some places are forgotten places,” he added, “but certainly not Oregon.”

His group did not purchase One Jefferson with any major redevelopments in mind, he said.

“No changes,” Friedkin said. “We just intend to operate it as a very, very, very nice apartment community. This is people’s homes, and surprisingly, not many of them want to leave. They enjoy the community, and they enjoy Lake Oswego.”

One Jefferson offers studios and up to three-bedroom, three-bath units. Apartments rent from about $830 to $1,860 a month, with amenities that include a fitness room, clubhouse, playground, indoor lap pool and tanning beds. The property is currently about 97 percent occupied, Friedkin said.

Friedkin already had somewhat personal — or at least, extracurricular — ties to Oregon.

He was born in Oakland, Calif., and recalls his first trip to Oregon, in 1958. His mother took him to Ashland, where he fondly remembers seeing a banner hung across the street bearing Ashland’s iconic offer, “Stay for a day, see four plays.”

That inspired him to later join the board of the Oregon Shakespeare Festival, where he has served for about 20 years. Friedkin is especially proud to point out that “All the Way,” the festival’s commissioned play about president Lyndon B. Johnson’s push to pass the Civil Rights Act of 1964, took home two Tony awards this year.

“It’s a nice community,” Friedkin said of Lake Oswego. “I think it’s a wonderful place to live.”

Contract Publishing

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