Garden-style luxury apartment community sells for $58.25M in Portland MSA

PORTLAND, Nov. 11, 2024 - JLL Capital Markets announced today that it has arranged the $58.25 million sale of Sonder Fields, a newly built, 180-unit community in Happy Valley, Oregon.

JLL worked on behalf of the seller, Cobalt, to facilitate the sale.

Located at 14798 SE Parklane Dr., Sonder Fields offers residents easy access to I-205 and proximity to major retail centers such as Clackamas Town Center and Happy Valley Crossroads. The community benefits from connectivity to employment hubs like the Portland Central Business District and Kaiser Sunnyside Medical Center, ensuring convenience to key job centers. Additionally, the Clackamas Town Center Transit Center and nearby bus line 155 provide excellent public transportation access throughout the Portland MSA.

Happy Valley, located just nine miles southeast of Portland, is Oregon's fastest-growing city with a 28% population increase from 2018 to 2023. The town offers a strong economy with access to major employers and outdoor recreation. Happy Valley's blend of suburban charm and urban conveniences makes it attractive for residents and investors alike.

Sonder Fields distinguishes itself in a submarket with supply constraints and expected robust rent growth of 3.4% annually through 2028, providing a high-quality rental alternative to homeownership where sale prices average $755,529.

Sonder Fields, built in 2023, spans 9.95 acres and offers one-, two- and three-bedroom units with an average size of 972 square feet. Residents enjoy luxury features such as stainless-steel appliances, shaker cabinets, LVP flooring, Calcutta quartz countertops, deep basin kitchen sink, under cabinet lighting, large kitchen island, nine-foot ceilings and LATCH keyless entry. The community encourages the live-work-play experience with amenities including a 24-hour fitness center, dog park, clubhouse lounge, saltwater pool, hot tub, barbecue picnic areas, and private co-working spaces.

JLL Capital Market's Investment and Sales Advisory team representing the seller was led by Senior Managing Director Ira Virden, Managing Director Carrie Kahn and Director Frank Solorzano.

"As Happy Valley grapples with a shortage of attainable housing and surging residential demand, Sonder Fields emerges as a beacon of high-quality suburban living, creating an ideal solution to growing renter needs in the coming years," said Solorzano. "The Property's strong outperformance and growth potential make it a compelling investment offering in this evolving, high-barrier-to-entry submarket."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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