After it was last acquired in 2012, a 127-unit apartment building in Lynnwood, Wash. is being traded in what appears to be an equity deal as both buyer and seller in the transaction are associated with RISE Properties Trust. According to public records, the deal is valued at $40.4 million, or about $318,110 per unit. The seller in the transaction is RISE Properties Trust, while the buyer is TLUS Rise Lynnwood LP, an entity which appears to be associated with RISE Properties Trust’s joint venture with Tokyu Land Trust Corporation.
The property, which is also referred to as Station 9 Apartments, is located at 16720 9th Avenue. The building was built in 1989, and contains a mix of one-, two- and three-bedroom units, with rental rates beginning at $1,645 per month.
The property also offers various community amenities, including a pool, a fitness center, a courtyard, playground and more.
The apartment building is located near Martha Lake Park. providing tenants access to outdoor recreation as well as a number of restaurants and local shopping. Mill Creek Town Center, which offers approximately 85 shopping, dining and entertainment options, is also within close proximity to the property.
The property was acquired by Rise Properties Trust in 2012 for $13.9 million, or roughly $109,448 per unit. According to public records, the property was sold by a local family investment trust associated with Duane and Bonnie Olson.
Currently, RISE’s portfolio includes 6,200 apartment homes across the Puget Sound and Portland markets. In 2021, the Canadian investment company purchased nine properties across the Pacific Northwest, investing a total of $462 million into the region.
Over the last few years, Tokyu and RISE have teamed up to acquire multifamily properties across the Pacific Northwest. Most recently, the two companies joined up to acquire two assets from Brookfield in September. In the first transaction, Discovery Landing Apartment Homes, a 146-unit apartment community in Burien, Wash. was purchased for $46 million, or about $315,069 per unit. RISE and Tokyu also paid $106 million, or about $313,610 per unit, for Surprise Lake Village, a 338-unit apartment building in Milton, Wash.