December 2, 2019
Canadian REIT RISE Properties Trust and Aegon Real Assets US acquired a pair of multifamily properties in the Puget Sound for $161.4 million. The assets include the 366-unit Mosaic Hills Apartments in Kent, that was acquired for $81 million, and the 336-unit Colby Creek Apartments in Everett (pictured), purchased for $80.4 million.
RISE’s Beau Madsen says, “In unique ways, both properties are very well positioned for our company to execute on strategic capital investments and operational improvements.”
The most recent activity brings the joint venture’s 2019 Seattle-area acquisitions to more than $300 million, encompassing five properties. Last month the RISE/Aegon partnership acquired Linden Square Apartments in North Seattle for $52,750,000. RISE now owns roughly 4,000 units across 22 multifamily properties in the Pacific Northwest.
Berkadia’s Kenny Dudunakis, Ben Johnson and Dave Sorensen represented the seller in the Colby Creek deal. IPA’s Giovanni Napoli and Philip Assouad advised the seller in the Mosaic Hills deal. The buyer was self-represented in the deals.
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