The Century at North Cook sells
About 104 residents in the Eliot neighborhood have a new landlord.
The Century has been sold to a new owner, KI-Mountain Park, LLC.
The Century at North Cook, built in 2015, is five stories tall with 104 units that include studios, one- and two-bedroom units.
The sale amount was undisclosed, but according to the City assessor the property was worth $24.2 million in 2017. One-bedroom units, averaging between 507-573 square feet, are leasing for between $1,295-$1,445.
CBRE facilitated the deal on behalf of the seller, Cook Street Lofts, LLC, with its team Phil Oester, Joe Nydahl and Josh McDonald of CBRE's Northwest Multifamily Institutional Investment team. Nick Santangelo of CBRE Debt & Structured Finance secured a 10-year acquisition loan at an all-in coupon rate below 4 percent through Freddie Mac.
"The Century at North Cook is a trophy asset in the heart of North Williams, one of Portland's most dynamic and sought-after neighborhoods," said Phil Oester, senior vice president of CBRE. "The community's contemporary features and finishes offer great appeal to the young professionals relocating to Portland or those who are born and raised Portlandia natives."
Modern features include high ceilings, large windows, plank flooring, quartz countertops, a shared rooftop deck, pet washing station and secure bike storage with a repair stand.