Gregory Laycock, one of the Cushman & Wakefield brokers representing the Boston-based seller, says the dynamic growth of the Portland-Vancouver area over the last decade has resulted in "one of the healthiest multifamily markets in the country."

"We had a lot of institutional interest in the property," says Laycock, who describes The Cove as a "'best in class' asset based on location and quality of construction, as well as its immediate upside potential achievable vis-à-vis additional revenue sources of utility and cable expense recoveries."

The overall vacancy rate for the total Vancouver market fell only .03% in the second quarter, while the new unit average vacancy rate fell one percentage point to 5.5%. Vancouver's aura of affordability remained intact as average rental rates held steady at $0.76/sf, $0.09/sf below the market average for the Greater Portland region.