Home Finance RISE Properties Trust, Oaktree, Acquire The Village at Ten Trails Apartments in...

RISE Properties Trust, Oaktree, Acquire The Village at Ten Trails Apartments in Black Diamond for $68MM

Oaktree, RISE Properties Trust, Eagle Creek Land and Development, Kirkland, The Village at Ten Trails, Thrive Communities
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(EDITOR’S NOTE: According to King County public records, the asset sold for $68 million, or about $386,363 per unit. The seller was an entity affiliated with The Village at Ten Trails LLC and Mike Chauffeur of Eagle Creek Land and Development.)

Residential Community Purchase Marks 8th Acquisition in the Pacific Northwest for RISE this Year

SEATTLE, WA — RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, and funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a global investment management firm, today announced the purchase of The Village at Ten Trails, a 176-unit garden-style community located in the new Ten Trails Master Planned Development in Black Diamond, Washington. 

The Village at Ten Trails was built within a master planned development called Ten Trails. Ten Trails is located just south of Maple Valley in Black Diamond, a city in southeast King County. The Ten Trails planned development will feature over 4,800 single family homes and a large retail village, located adjacent to the subject property. As of this summer, over 500 homes had been sold in the development. Ten Trails offers housing within an exceptionally high-quality neighborhood that includes a civic park and amphitheater that host monthly events, ample walking paths and trails, and proximate access to one of the Pacific Northwest’s best ski resorts, Crystal Mountain. In addition, residents have access to 1-gigabit fiber optic internet throughout the master plan.

Located at 22870 SE Fir St in Black Diamond, The Village at Ten Trails is a low density, three-story multifamily project that offers a mix of particularly large flat and carriage home floor plans. The floor plans and high-end finishes are broadly appealing, especially to young families and working professionals. Amenities at the multifamily community include a central clubhouse with conference and game rooms, fitness center, dog park, and a pavilion offering a BBQ area, playground, and a seasonal pool for residents. Residents will also enjoy access to the variety of community and lifestyle amenities offered within the Ten Trails planned development.

The transaction represents the first joint venture between RISE and Oaktree. Director of Investments at RISE, Beau Madsen, stated, “sourced off-market, the strategy behind the acquisition of The Village at Ten Trails originated based on the strong trend we have seen in demand for luxury-level quality of living outside of the urban core. We are pleased to welcome this asset into our growing portfolio and look forward to working with Oaktree in the years to come.”

Jared Lazarus, a Managing Director for Oaktree, stated, “We are excited to start a partnership with RISE through the acquisition of The Village at Ten Trails.  We believe the property presents an attractive opportunity for an income-oriented investors to capitalize on the continued migration and robust job creation being experienced across greater Seattle.”

Including The Village at Ten Trails, RISE owns approximately 6,000 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 Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $158 billion in assets under management as of September 30, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide.