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The Century at North Cook, a 104-unit apartment community in the North Williams neighborhood of Portland, sold for an unspecified price. The buyer was KI-Mountain Park LLC; the seller was Cook Street Lofts LLC.
Built in 2016, The Century offers studio, one- and two-bedroom units. Common amenities include a rooftop deck with views of the Portland skyline and barbecue grills, a lobby that adjoins a local coffee shop, a 24-hour fitness center, a mail center, a pet-washing station and bike storage along with a repair stand.
“The community offers appeal to the young professionals relocating to Portland or those who are born and raised Portlandia natives,” CBRE Senior Vice President Phil Oester said.
Portland remains a tight apartment market, even though development has been robust in recent years. According to Marcus & Millichap data, strong demand is spurring rent growth. The company predicts effective apartment rents will rise 6% in 2018, following an increase of 5.5% in 2017.
Oester, Joe Nydahl and Josh McDonald of CBRE’s Northwest Multifamily Institutional Investment team negotiated the deal on behalf of the seller. Nick Santangelo of CBRE Debt & Structured Finance secured a 10-year acquisition loan at below 4% through Freddie Mac.
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