The 347-unit complex was built in 1987 and 1990. Security Properties plans to renovate the unit interiors and improve amenity areas and aesthetics.
"This deal epitomizes what we look for in value-add projects," said Barrett Sigmund, a senior director at Security Properties. "Lake Oswego boasts some of the best schools, demographics and proximity to jobs of any suburban Portland submarket. Additionally, given the barriers to entry and limited future supply, there should be little new product in the submarket for the foreseeable future. This dynamic allows us to reposition the property and provide residents a best-in-class physical asset on par with the A+ location."
Madrona Ridge Residential, an affiliate of Security Properties, will manage the property.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....