July 14, 2020
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.”
For comments, questions or concerns, please contact Dennis Kaiser