SEATTLE, WA — May 24th, 2023 — RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, today announced the sale of Artesia Apartments, a 192-unit garden-style community located at 11225 19th Ave SE across from Sliver Lake in Everett, WA for $61,600,000 ($320,833 per unit). The buyer was MG Properties.
RISE purchased Artesia from Fairfield Residential in December, 2016 for $40,500,000. RISE completed a substantial renovation, including modernizing unit interiors with stainless steel appliances, quartz counters, and all new cabinets. The renovation also included the reimagining of the amenities, branding, and marketing.
Jason Murray, Director of Investments for RISE, noted, “Having effectively executed our value-add business plan, RISE identified the sale of Artesia as a strategic opportunity to reinvest capital into future opportunities.”
RISE was represented by Philip Assouad, Giovanni Napoli, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino from Institutional Property Advisors.
RISE owns approximately 6,600 units in the Pacific Northwest.
About RISE Properties Trust
RISE Properties Trust is a private Canadian REIT focused on the US multifamily sector in the Pacific Northwest. Through fully-integrated operations, the Trust acquires underperforming apartment properties and improves their operations, cash flow, and value.
About Thrive Communities
Thrive Communities is an award-winning property management firm with approximately 20,000 apartments under management. Their in-house renovation platform has improved over 5,300 apartments on both occupied and unoccupied units. Thrive’s fully-integrated and hands-on team approach ensures each asset is operating at its full potential while maximizing value for its clients.
