(EDITOR’S NOTE: According to public records, the property was sold for $73.4MM, or about $329,148 per unit.)
Des Moines, 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 Saddlebrook Apartments, a 223-unit garden-style community located in the south Seattle suburb of Des Moines, Washington.
Saddlebrook Apartments was constructed in 1997 and offers residents a variety of floor plans including one-, two-, and three-bedroom layouts. The property features a natural forested area that runs throughout the center of the community and is an extension of the nearby Saltwater State Park and McSorley Creek. Most units at the community are adjacent to this area, providing unobstructed views of Pacific Northwest beauty.
The community also features a variety of amenities popular for garden-style apartments, including a newly renovated clubhouse, an outdoor pool and spa with a connected BBQ and grilling stations, a fitness center, and an outdoor recreation space that includes a basketball court and playground. RISE and Tokyu intend to execute an exciting value-add renovation of the community that will enhance the unit interiors. All units will be renovated to a modern, high-end finish level.
Beau Madsen, Director of Investments for RISE, noted, “We are excited to grow our partnership with Tokyu once again with this off-market and compelling acquisition. As the only institutionally-sized market rate community within the submarket, Saddlebrook presents a unique value-add investment that we are looking forward to executing on.”
Ben Cherney, Vice President of Tokyu, stated, “Saddlebrook Apartments is a great addition to our growing portfolio of assets in the Pacific Northwest. The current ownership has been a great steward of the property. We look forward to picking up where they left off and implementing improvements with RISE and Thrive, providing Des Moines with a best-in-class living environment.”
The transaction represents the seventh 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, Station Nine Apartments in Lynnwood, and Park South Apartments in Seattle. To date, the joint venture has acquired over $500MM in assets since 2018.
Including Park South Apartments, RISE owns approximately 6,800 units in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 19,000 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 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 Colorado.
About Thrive Communities
Thrive Communities is an award-winning property management firm with approximately 19,000 apartments under management. Their in-house renovation platform has improved over 5,200 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.
