(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:
|Sancerre Apartments||140||Kirkland, WA|
|Village at Ten Trails||176||Black Diamond, WA|
|The Promenade||100||Vancouver, WA|
|Fountain Village||160||Vancouver, WA|
|Surprise Lake Village||338||Puyallup, WA|
|Discovery Landing||146||Burien, WA|
|10th @ Hoyt||178||Portland, OR|
|Preserve at Sunnyside||108||Clackamas, OR|
|TownCenter Park||111||Wilsonville, 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.