Residential Community Purchase Marks 29th Acquisition for RISE
(EDITOR’S NOTE: The property sold for about $261,111 per unit.)
Portland — RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, today announced their purchase of the Preserve at Sunnyside Apartments, a 108-unit garden-style community in the Happy Valley submarket of Portland. The price for the transaction was $28,200,000.
The Preserve at Sunnyside Apartments were built in 1991 and offer a mix of particularly large and desirable floor plans including one-, two-, and three-bedroom apartment homes. The community is well-located in Happy Valley with exceptional walkability for the area. Residents have easy access to a plethora of lifestyle amenities like the Clackamas Town Center, Happy Valley Famers Market, Mt. Talbert Nature Park, Mt. Hood and local schools. Residents also enjoy easy access to the greater Portland MSA, using the I-205, Highway 224, or MAX Light Rail Park & Ride, which are all accessible within five minutes of the property.
Amenities at the community include a clubhouse, seasonal pool and year-round spa, a playground, and a fitness center. RISE intends to execute on a robust interior and exterior value-add strategy to create a best-in-class, low-density housing option for the neighborhood. Renovations will include a full remodel of the clubhouse and pool area, the addition of a dog park, and a modernization of the unit interiors.
Beau Madsen, an Investment Manager at RISE noted that, “RISE is thrilled to continue our investment in the dynamic Portland metro area, particularly in desirable suburban submarkets that feature attractive multifamily fundamentals. As a vertically-integrated and highly-focused multifamily platform, we are excited to continue identifying opportunities throughout the Pacific Northwest that create value for our investors, limited partners and the communities we invest in.”
Including the Preserve at Sunnyside Apartments, RISE owns approximately 5,000 units in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 16,000 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.
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 an occupied and vacant turn process. Thrive’s fully-integrated and hands-on, horizontal team approach ensures each asset is operating at its full potential while maximizing value for its clients.