SEATTLE, (May 31, 2019) — 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 their purchase of Waterford at the Lakes Apartments in Kent for $83.2 million ($241,860 per unit). The transaction, brokered by CBRE, represents the second joint venture between the companies, following their October 2018 acquisition of Alaire Apartment Homes in Renton.
Located at 23605 62nd Ave. S. in Kent, Washington and built in 1989, the 344-unit apartment property is situated within the Lakes at Kent development, a neighborhood of 19 rental and for-sale communities known for its expansive man-made lakes and lush landscaping. Waterford at the Lakes sprawls across 16.85 acres and includes an on-site day-care, a racquetball court, two pools, a sport court, and a resident lounge.
Beau Madsen, Investment Manager at RISE, notes “this transaction exemplifies RISE’s objective of investing in well-located multifamily communities in the Pacific Northwest that feature investment upside and durable cash flow. Given the asset’s proximity to Kent Station, it’s low-density setting, and strong local demand for high-quality housing, the property is well-suited for an influx of capital to improve both the physical aspects of the property and the rental experience of the residents.”
Waterford at the Lakes is located approximately 25 minutes south from both Seattle and Bellevue. About 1-mile east is Kent Station, an open-air lifestyle destination that includes a Sounder train station, a 14-screen AMC theater, over 15 restaurants and another 30-plus retailers and servicers.
Nobuhide Kashiwagi, President of Tokyu, stated, “We generally look to buy the best located value-add opportunities within our target markets, and Waterford is a perfect fit as it is one of only three institutional-quality multifamily properties in The Lakes master-planned community. We are excited to be a part of its transformation, and for our 3rd acquisition in the Pacific Northwest in the past 7 months.”
Including Waterford at the Lakes, RISE owns approximately 2,400 units across 14 multifamily properties in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 11,000 apartments under management.About RISE Properties Trust
RISE Properties Trust is a publicly-offered non-traded 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 11,000 apartments under management. Their in-house renovation platform has improved over 5,000 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.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, and other overseas businesses. Tokyu Land US Corporation has offices in Los Angeles and New York, and investments in multifamily and office properties in New York, Texas, California, Oregon, Georgia, and Washington.