By Jack Stubbs
An apartment complex in West Seattle was recently acquired for a hefty sum as part of the first joint venture between two companies: RISE Properties Trust, a Canadian-based real estate trust that focuses on the multifamily sector in the greater Seattle area, and Intercontinental Real Estate Corporation, a Boston-based real estate investment firm.
On Thursday, March 22nd, the 239-unit West Ridge Park Apartments in the Delridge district sold for $72.45 million, or approximately $303,138 per unit, according to public records filed with King County. Grosvenor Group, a company that develops, manages and invests in properties worldwide, was the seller.
The two-story West Ridge Park Apartments, located at 7901 Delridge Way SW., was built in 1990. The property offers a mix of one- and two-bedroom units, according to the property’s web site. The one-bedroom units range from 688 to 751 square feet and rent for between $1,520 and $1,530, while the two-bedroom units range from 954 to 1,110 square feet and rent for between $1,720 and $1,975.
Some of the in-unit amenities include brand new appliances, fireplace, granite countertops and patio/balcony. Prominent community amenities include attached garages, business center, courtyard and outdoor swimming pool, as well as 12 acres of surrounding landscaped grounds, according to the property’s web site.
Located in the Delridge district of West Seattle, the property is approximately three miles to the west of Georgetown and roughly four miles to the southwest of the Industrial District. Additionally, the property is about two miles from access to Washington State Route 509 and just under two miles from Washington State Route 99.
As a result of the purchase, RISE now owns a total of 11 assets in the Puget Sound region, according to a statement recently released by the company. “Low density townhouse product located five minutes from the Junction and 15 minutes from downtown Seattle is unique and desirable to today’s renter,” said Barrett Sigmund, President at RISE, in the statement. “Acquiring well-located, value-add multifamily properties in Seattle is increasingly challenging. We appreciate our relationship with the seller as well as our partner, Intercontinental, for rapidly reacting to this opportunity to the benefit of all involved.”
In addition to the West Ridge Apartments, RISE owns ten multi-family properties throughout Seattle and the surrounding area, including Artesia by the Lake (Everett), Bentley House (Issaquah), Borgata Apartments and Townhomes (Renton), Citywalk Apartments (Seattle), Northline Apartments (Seattle), Starboard Apartments (Kirkland), Station 9 Apartments and Woodcreek Apartments (Lynnwood).
“Seattle is a dynamic market and we are excited about the employment drivers in the area,” said Jessica Levin, senior director of acquisitions for Intercontinental, in the statement. “Upon the execution of our business plan, residents will benefit from an upgraded living experience with premier access to nearby retail, leisure and recreational amenities. We believe that this compelling combination will make West Ridge Apartments an excellent long-term investment for our investors. This acquisition marks the 117th property for the fund and our 8th in the Pacific Northwest, bringing our total unit count to 1,950 in the surrounding area.”
The property will be managed by Seattle-based Thrive Communities, a company with more than 9,000 apartments under management nationwide.
Founded in 2004, Thrive Communities designs and develops multifamily properties to optimize value for property owners and residents. The company offers a variety of management and redevelopment services including business planning, marketing, leasing, resident services and financial reporting, according to its web site.
Some of Thrive Communities’ other managed properties in the region include the 105-unit Alder Flats in Seattle; the 123-unit Arbor Village Apartments in Mountlake Terrace; and the 192-unit Artesia by the Lake Apartments in Everett. All told, the company manages 28 apartment communities in Seattle, according to its web site.
Founded in 1677 and headquartered in the United Kingdom, Grosvenor Group is one of the largest privately-owned property businesses, and it develops, manages and invests in properties in more than 60 cities around the world, according to the company’s web site. The company aims to make a lasting contribution to the economic, social and environmental well-being of the urban communities of which it is a part. The company owns and manages a variety of residential, retail and office properties in several U.S. cities, some of which include Washington, D.C., Vancouver and San Francisco.
Correction: Thrive Communities was listed as the buyer of the property, according to public documents obtained by The Registry. The property was purchased as part of a joint venture between RISE Properties Trust and Intercontinental Real Estate Corporation. Thrive Communities will manage the property.