Residential Community Purchase Marks 31st Acquisition in the Pacific Northwest for RISE
(EDITOR’S NOTE: According to public records, the community sold for $46 million, or about $315,069 per unit. The seller was Revantage, an affiliate of Blackstone. The deal closed on August 30th, but just recorded.)
SEATTLE, Wash. — RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, and Tokyu Land US Corporation (“Tokyu”), a fully-integrated real estate development and investment company, today announced the purchase of Discovery Landing Apartment Homes, a 146-unit garden-style community located within walking distance of downtown Burien.
Discovery Landing Apartments was built in 1987 and offers a mix of large floor plans, including one, two- and three-bedroom apartment homes. Lifestyle amenities such as Moshier Park and newly-renovated Highline High School border the community’s western boundary. Downtown Burien and the thriving Burien Town Square are walkable from the community, offering residents a growing mix of retail and entertainment options that include a new PCC Community Market. Residents of Discovery Landing’s commuter-friendly location are just minutes from the Burien Transit Center and Highway’s 509 and 518.
Amenities at the community include a clubhouse, fitness center, indoor pool and spa, and BBQ area. RISE intends to execute on a value-add strategy by modernizing the unit interiors and refreshing many of the amenity spaces throughout the property.
Beau Madsen, Investment Manager at RISE noted, “We are excited to continue building our Pacific Northwest multifamily portfolio by investing in well-located communities that feature value-added and growth opportunities. Located in a submarket with favorable supply and demand fundamentals, and easy access to lifestyle amenities and employment opportunities, Discovery Landing fits our acquisition objectives very well.”
Ben Cherney, Vice President of Tokyu, stated, “We are excited to close our first acquisition post-COVID and continue building our Pacific Northwest portfolio. This asset has been well maintained and has benefitted greatly from Burien’s transformation, yet still offers us the ability to further improve the community in partnership with Rise to enhance the lifestyle of our residents.”
The transaction, brokered by CBRE, represents the third joint venture between RISE and Tokyu, following the 2018 and 2019 acquisitions of Alaire Apartment Homes and Dockside Apartments; located in Renton and Kent, respectively.
Including Discovery Landing, RISE owns more than 5,000 units in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with more than 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 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.
About Tokyu Land US Corporation
Tokyu Land US Corporation is a subsidiary of Tokyu Land Corporation, a fully-integrated real estate company in Japan that operates an urban development business, a residential business, a wellness business, overseas businesses and more. Tokyu Land US Corporation has offices in Los Angeles and New York, and investments in multifamily and office properties in New York, California, Oregon, Georgia, and Washington, Washington DC, and North Carolina.
