Sares Regis Multifamily Fund, L.P. Sells Lake Oswego Apartment Community
The Gables at Mountain Park, a 129-unit apartment community located in Lake Oswego, Oregon, sold on December 22, 2016 for $29,075,000 ($225,388 per unit). Originally purchased on January 9, 2014 for $19,500,000 ($151,163 per unit), the property was built in 1991 and is located in an affluent Portland neighborhood with unmatched access to employment centers and amenities. Sares Regis Multifamily Fund I, L.P. chose to focus efforts in improving operations and renovating amenities – Pool, spa, clubhouse, business center, and leasing office.
Lake Oswego’s desirable Mountain Park neighborhood is one of the most prominent master planned communities in the Portland metro. This 700-acre planned community boasts well-maintained green spaces and parks as well as over eight miles of groomed walking trails. Residents also have access to the adjacent, fully renovated 47,500 SF Mountain Park Recreation Center, which offers state of the art fitness and aquatic center, tennis courts, daycare and popular community events.