(EDITOR’S NOTE: According to public records, the property sold for $78.3 million, or about $331,714 per unit.)
SEATTLE, WA — 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 Park South Apartments, a 252-unit garden-style community located near South Park in Seattle, Washington.
Park South Apartments, located at 10102 8th Ave S in Seattle, was constructed in two phases starting in 1986 and offers residents a variety of floor plans including one and two-bedroom layouts. The two phases of the community each feature a large central amenity space. The first phase features an expansive fitness center that includes an outdoor BBQ space and dog park. The second phase contains the community’s central clubhouse and pool area, both of which have sweeping views of the downtown skyline.
Beau Madsen, Director of Investments for RISE, noted, “We are excited to grow our Pacific Northwest portfolio with the addition of Park South. The asset is unique in its larger size and lower density relative to its proximity to downtown Seattle and South Seattle employment hubs. We look forward to improving the quality of community through a series of investments that will provide a better rental option for residents in the area.
Ben Cherney, Vice President of Tokyu, stated, “It is always a great accomplishment to close any transaction but especially in these turbulent times. We are thankful to all the parties involved in this transaction for putting in the extra effort to make this one happen. We look forward to working with RISE and Thrive to deliver a great living experience for the current and future residents of the community.”
The transaction represents the sixth joint venture between RISE and Tokyu, following the acquisitions of Alaire Apartment Homes in Renton, Dockside Apartments in Kent, Discovery Landing in Burien, Surprise Lake Village in Milton, and Station Nine Apartments in Lynnwood earlier this year.
Including Park South Apartments, RISE owns approximately 6,400 units in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with more than 17,000 apartments under management.