Rise Properties Trust continues to buy apartment complexes in Kent and throughout the Seattle area.
Rise, a Canadian real estate trust based in Seattle, and Aegon Real Assets US, an indirect wholly owned subsidiary of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands, purchased the 366-unit Mosaic Hills Apartments in Kent for $81 million, according to a company press release on Friday. The group also bought the 336-unit Colby Creek Apartments in Everett for $80.3 million.
“In unique ways, both properties are very well positioned for our company to execute on strategic capital investments and operational improvements,” Rise investment manager Beau Madsen said. “Through the execution of our business plans, we are eager to add value to the surrounding communities, the resident experience and our investors.”
Earlier this year, Rise purchased two other Kent apartment complexes, Bryson Square for $43 million and Waterford at the Lakes for $83.2 million. Byrson Square is just south of Mosaic Hills.
“Aegon and Rise have worked closely throughout the year to acquire five properties together in the Seattle region,” Rise President Barrett Sigmund said. “Our success showcases our commitment to the Pacific Northwest and is the result of a shared vision of maintaining and improving apartment communities in our region. We are excited to welcome these properties to our real estate portfolio.”
Including Mosaic Hills Apartments and Colby Creek Apartments, Rise owns approximately 4,000 units across 22 multifamily properties in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 12,500 apartments under management.