July 14, 2020 Comments Off on Rise Properties Trust Claims Belltown MF Tower Views: 653 Seattle & Pacific Northwest News, Seattle News, Top Seattle

Rise Properties Trust Claims Belltown MF Tower

Order Reprints...

Seattle-based Rise Properties Trust purchased Alto Apartments, a 17-story, 184-unit high rise in Seattle’s Belltown neighborhood, reportedly from a Hartz Mountain Industries affiliate for nearly $66.5 million. The Canadian real estate trust also acquired Westwynd Apartments, a 120-unit community in Vancouver, WA.

Alto was constructed in 2012 and features a mix of urban, one- and two-bedroom units, a fitness center, underground garage parking, and a scenic 360-degree rooftop deck and lounge. Alto is located at 311 Cedar St. a few blocks from Amazon’s world HQ and the newly announced Climate Pledge Arena, as well as near the CBD, Seattle Center, Olympic Sculpture Park, the downtown waterfront, and a Metro RapidRide transit stop.

The Westwynd Apartments was built in 1982 and features large one- and two-bedroom units with in-home washers and dryers, ceiling fans and large closets.

Rise’s Barrett Sigmund says, “… both assets were secured at a very favorable basis and offer significant investment upside to our investors from both capital and operational improvements.”

Connect With Rise’s Sigmund

Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Tags: ,

Comments are closed.