Cobalt Sells Luxury Property for $58M
The buyer took out $34.3 million for the Portland-area buy.
Cobalt has sold Sonder Fields, a 180-unit luxury multifamily property in Happy Valley, Ore., a Portland suburb, for $58.3 million. JLL Capital Markets brokered the deal on behalf of the seller.
Commerce Properties purchased the asset, according to Clackamas County records, and took out a $34.3 million acquisition loan from State Farm Life Insurance Co.
The Class A community came online in 2023. The developer funded construction with a $29.5 million loan originated by Umpqua Bank, according to Yardi Matrix information.
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The property encompasses seven three-story buildings across roughly 10 acres. The unit mix consists of one- to three-bedroom floorplans ranging between 647 and 1,287 square feet. Apartments also feature private balconies or patios.
Common-area amenities include a fitness center, a dog park, a saltwater swimming pool, a clubhouse lounge, a hot tub, barbecue picnic areas and private coworking spaces. Additionally, the community has EV charging stations, a library, a courtyard, a fire pit and a pet run.
Located at 14798 SE Parklane Drive, the property is close to several dining and retail opportunities and employment hubs such as Kaiser Sunnyside Medical Center. Downtown Portland is some 15 miles away, while Portland International Airport is 19 miles northwest.
JLL Capital Market’s Investment and Sales Advisory team representing the seller comprised Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Director Frank Solorzano.
Portland transaction activity remains steady
Portland’s multifamily transactions volume year-to-date as of October clocked in at $544.7 million from 20 properties—or 2,520 units—changing hands, according to Yardi Matrix information. This figure is close to the one registered during the same period in 2023, when 19 assets—2,225 apartments—traded for $427.8 million.
Earlier this year, a joint venture between a Kennedy Wilson-managed real estate fund and Haseko Corp. acquired a two-community portfolio in Vancouver, Wash., for $90 million. Ginn Group sold the properties totaling 350 units.
