Cobalt Properties Sells Majority Stake in Belara

AUBURN, WA-Cobalt Properties of Seattle has sold a majority stake in Belara at Lakeland, a 430-unit apartment development here that is about 20% leased. Cobalt’s new partner is San Diego-based Colrich, which acquired the interest in partnership with Apollo Real Estate Advisors.

The property is located east of Highway 167 at 6170 Terrace View Lane SE, providing views of Sumner Meadows Golf Links. Kenny Dudunakis of Hendricks & Partners, who brokered the transaction, tells GlobeSt.com that leasing for the garden-style development started in January. The first phase of the development is complete and the second phase should be done at the end of August.

Dudunakis declined to comment on the value of the transaction. Other local sources tell GlobeSt.com the development was valued at around $50 million, which translates to a stabilized cap rate in the 5% range.