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9/20/24
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StoneRidge at Cornell, a 233-unit, garden-style multifamily community in Portland, has traded hands. Situated on 16 acres at 14800 NW Cornell R, StoneRidge at Cornell offers one- and two-bedroom units averaging 820 sf in size.
Built in 1985, the majority of the property’s units have been renovated to include modern kitchen and bathroom finishes with quartz countertops, stainless steel appliances, interior paint and vinyl plank and carpet flooring. Amenities include a clubhouse, renovated fitness center, an outdoor pool, a spa and a dog park.
StoneRidge at Cornell is adjacent to Hwy 26 and within a 15-minute drive of downtown Portland and a short drive of the region’s largest and prominent employers in the tech, manufacturing, fashion and healthcare industries. Additionally, the property is within several miles of the Sunset Transit MAX Light Rail station, providing connectivity to downtown Portland, Hillsboro, Portland International Airport, and many employment and recreation centers.
CBRE’s Josh McDonald and Joe Nydahl represented the seller in the transaction. Terms of the deal wee not given out.
The limited delivery of new supply in Beaverton/Hillsboro, with fewer than 600 new units expected through Q2 2026, is projected to exert upward pressure on rents in the area, according to CBRE research. Additionally, 43.8% of residents within a three-mile radius of the property rent and 52.4% of residents in the same radius are Millennials and Gen G, according to 2023 data.
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