Purchase of 178-Unit Mid-Rise Residential Community in Pearl District Marks 7th Portland-Area Acquisition Since Pandemic Started, 35th Regional Acquisition for RISE
Portland, OR, December 9, 2021 — RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, today announced their purchase of 10th @ Hoyt Apartments, a 178-unit mid-rise community in the Pearl District of Portland. The final sales price for the transaction was $75,000,000.
Located at 925 NW Hoyt St in the heart of one of Portland’s most famous and robust live-work-play neighborhoods, 10th @ Hoyt offers a balanced mix of well laid out homes averaging 758 square feet. Built in 2004 and covering a full city block, the building also includes four retail spaces in each corner comprising 13,000 square feet. The location, easily accessible off I-405 and the Portland MAX light rail, offers exceptional transit access and walkability.
10th @ Hoyt Apartments also features amenities including a resident lounge, leasing office, fitness center, large interior courtyard, and a rooftop deck with hot tub. RISE has plans to implement a significant renovation program at the building.
“We’ve been searching for an urban asset to diversify our Portland portfolio and couldn’t be more pleased with the acquisition of 10th@ Hoyt,” said Jason Murray, Director of Investments with RISE.
“The opportunity is unparalleled given the excellent Pearl District location, the quality of the asset, and the opportunity for a transformative renovation.”
“We plan to invest heavily to reinvent the common areas, marketing, and unit interiors,” continued Murray. “We continue to believe in the long-term fundamentals of the Portland metro, with its strong job base, relative affordability, and lifestyle amenities, including access to the outdoors and an attractive urban center,”.
Including 10th @ Hoyt, RISE now owns approximately 5,900 units across 34 multifamily properties in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 17,000 apartments under management.
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 is able to acquire underperforming apartment properties and improve their operations, cash flow, and value.