By Kate Snyder
An apartment complex in Milton traded in what appears to be an equity deal, as the buyer and seller are affiliated with the same entity. An entity affiliated with RISE Properties purchased the Copper Creek Apartments for $48.7 million, according to Pierce County public records. The seller was also an entity affiliated with RISE.
Located at 102 Fifth Ave., the Copper Creek Apartments was built in 2000 and consists of 181 units in multiple three-story buildings, according to Apartments.com. The property’s website shows that one, two and three-bedroom apartments are offered at the site. Among the community features are a swimming pool, hot tub, clubhouse and a fitness center. Interior amenities include high ceilings, patios, balconies and extra storage.
RISE Properties is a private Canadian real estate investment trust focused on the acquisition and revitalization of underperforming rental apartment communities, primarily in the Pacific Northwest. According to the company’s website, the RISE portfolio includes 6,600 apartment homes in the greater Seattle and Portland areas.
The firm originally acquired the Copper Creek Apartments in 2018 for $35.4 million, or roughly $195,580 per unit, according to previous reporting from The Registry. The seller was an entity affiliated with The Apartment Associates of Pierce County LLC, based in Tacoma.
Another Milton residential property in the company’s portfolio is the Surprise Lake Village, a 338-unit garden-style community located on the southern shore of its namesake lake in the city. For that 2021 deal, RISE partnered with Tokyu Land US Corporation, a fully-integrated real estate development and investment company. RISE and Tokyu paid $106 million, or about $313,610 per unit, for the asset. The seller was Revantage, a Chicago-based affiliate of Blackstone. Located at 2800 Queens Way, Surprise Lake Village was built in 1986 and offers a diverse mix of floor plans, including a variety of flat, lofted and townhome style units.
