357-Unit Residential Community Purchased in Seattle Marks 14th Local Acquisition for RISE
Seattle, Wash. (October 9, 2018) – RISE Properties Trust (“RISE”) a Canadian-based real estate trust, and Tokyu Land US Corporation (“Tokyu”), a vertically-integrated real estate development and investment company, today announced their purchase of Alaire Apartments in Seattle for $97.5 million. The transaction, brokered by Kidder Mathews’ multifamily brokers, Philip Assouad and Giovanni Napoli, along with Dave Schumacher of Colliers International, represents the first joint venture between the companies.
Located at 510 Stevens Ave SW, Renton, WA, the 357-unit apartment property features an average unit size of 1,074 square feet and includes a mix of one, two, and three-bedroom units. The property has expansive amenities, including two pools and fitness centers, a spa, sport court, dog park, clubhouse lounge, game room, and a large leasing office.
“Alaire’s location gives residents a short commute to either Seattle or Bellevue,” said Barrett Sigmund, President at RISE. “Despite the close-in location, the property has a low-density feel and large units that are not common with newer product. The current owner significantly upgraded the exterior and the extensive common area amenities of the property. RISE will take the asset to the next level with a thoughtful interior renovation program and a focus on customer service,” he said.
Built in 1988, Alaire is located approximately 11 miles from Seattle and Bellevue. The asset is two miles from Renton’s The Landing, a lifestyle center that boasts more than 30 restaurants and totals more than 600,000 square feet of mixed-use retail. Notably, Alaire is similarly proximate to Southport, a development on South Lake Washington that includes a newly constructed 348-room Hyatt Regency, as well as an adjacent set of newly constructed office buildings that total approximately 700,000 square feet. The property is also a short walk to neighborhood retail including Fred Meyer, Safeway, and Walmart.
Nobuhide Kashiwagi, President of Tokyu, stated, “we are excited about this opportunity as it is a great fit for the first acquisition of our value-add strategy in the Pacific Northwest. We like the trajectory of growth in the Seattle market and feel Alaire is well positioned to capture that momentum.”
“Alaire is one the first institutional garden multifamily assets south of the core markets. As residents continue to seek affordability at quality communities that provide convenience and ease of accessibility to major employment hubs, properties like Alaire should capture more growth compared to other assets that are further removed or don’t have the desirable aesthetics or amenities that Alaire provides,” said Kidder Mathews agents Napoli and Assouad.
In addition to Alaire, RISE owns 11 multifamily properties throughout Seattle and the surrounding area-including Modera (Seattle), West Ridge Park Apartments (West Seattle), Artesia by the Lake (Everett), Bentley House (Issaquah), Rainier Pointe (Fife), Borgata Apartments and Townhomes (Renton), Citywalk Apartments (Seattle), Northline Apartments (Seattle), Starboard Apartments (Kirkland), Station 9 Apartments (Lynnwood), and Woodcreek Apartments (Lynnwood).
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 10,000 apartments under management.
About RISE Properties Trust
RISE Properties Trust is a publicly-offered non-traded Canadian REIT focused on the US multi-family sector in the Greater Seattle area. Through management’s existing business platform and fully integrated operations, the Trust is able to acquire underperforming apartment properties and improve their operations, cash flow, and value.
About Thrive Communities
Thrive Communities is an award-winning property management firm with approximately 10,000 apartments under management. Their in-house renovation platform has improved over 4,000 apartments on both an occupied and vacant turn process. Thrive’s fully-integrated and hands-on, horizontal team approach ensures each asset is operating at its full potential while maximizing value for its clients.
About Tokyu Land US Corporation
Tokyu Land US Corporation is a subsidiary of Tokyu Land Corporation, a comprehensive real estate company in Japan that operates an urban development business, a residential business, a wellness business, and other overseas businesses. Tokyu Land US Corporation has offices in Los Angeles and New York, and investments in multifamily and office properties in New York, Texas, California, and Washington.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages nearly 50 million square feet of space, and conducts over 1,500 appraisals annually. For more information, visit kiddermathews.com.