Home Finance RISE Properties Trust Acquires Sancerre Apartments in Kirkland for $49.5MM

RISE Properties Trust Acquires Sancerre Apartments in Kirkland for $49.5MM

RISE Properties Trust, Sancerre Apartments, Kirkland, Thrive Communities
Courtesy of RISE Properties

(EDITOR’S NOTE: IPA’s Giovanni Napoli and Philip Assouad brokered the deal.)

Company Closes Out Year with Nine Purchases Across the Pacific Northwest in 2021 Totaling $462 Million

SEATTLE, WA — RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, along with an undisclosed joint venture partner, today announced the purchase of Sancerre Apartments, a 140-unit, garden-style community located in Kirkland, Wash. for $49,500,000. 

Located at 12648 NE 144th St, Sancerre is situated between several major eastside employment hubs including Bellevue, Kirkland, Bothell and Redmond, Wash. Built in 1985, the property has been well-maintained and features a mix of one- and two-bedroom units. 

Amenities at Sancerre Apartments include an outdoor pool, BBQ patio and a fitness center, with RISE planning to implement a comprehensive value-add program at the community. The property will be managed and renovated by Thrive Communities, a Seattle-based property management firm with more than 16,000 apartments under management. 

“Sancerre was sourced off-market and we are excited to unlock its potential by reimagining the asset’s branding, amenities and unit finishes,” said Matt Berg, Investment Manager at RISE. “The Kirkland location is well-poised to take advantage of anticipated robust eastside job growth.” 

In 2021, RISE was an active buyer in the Pacific Northwest, with nine purchases representing 1,457 units and $462,000,000 in total volume between Seattle and Portland. 

18 months ago, RISE began expanding into the Portland market. With the purchase of 10th @ Hoyt in the Pearl District earlier this month, RISE has acquired 955 units totaling $260,000,000 in the Portland metro area. 

Including its 2021 purchases, RISE now owns approximately 6,200 units spread across 36 properties in the Pacific Northwest. 

The company’s 2021 acquisitions include: 

Property NameUnits  Location
Sancerre Apartments 140Kirkland, WA
Village at Ten Trails   176Black Diamond, WA
The Promenade100Vancouver, WA
Fountain Village  160Vancouver, WA
Surprise Lake Village338    Puyallup, WA
Discovery Landing146 Burien, WA
10th @ Hoyt178Portland, OR
Preserve at Sunnyside108  Clackamas, OR
TownCenter Park         111Wilsonville, OR

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 16,000 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.   

 Courtesy of RISE Properties