Rise Properties Trust bought the Mosaic Hills Apartments on Kent’s East Hill for $81 million. COURTESY PHOTO, Rise

Rise Properties Trust bought the Mosaic Hills Apartments on Kent’s East Hill for $81 million. COURTESY PHOTO, Rise

Company buys Mosaic Hills Apartments in Kent for $81 million

Third purchase this year of Kent apartment complexes by Rise Properties Trust

  • Friday, November 22, 2019 12:03pm
  • Business

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.

Mosaic Hills is at 10811 SE 239th Place.

“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.


Talk to us

Please share your story tips by emailing editor@kentreporter.com.

To share your opinion for publication, submit a letter through our website https://www.kentreporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) Please keep letters to 300 words or less.

More in Business

State Rep. Debra Entenman, D-Kent, will be one of the speakers at the second annual PNW Economic Equity Summit virtual event on June 23. COURTESY PHOTO, House Democrats
Local chambers of commerce to present PNW Economic Equity Summit

Virtual event at 11 a.m. on June 23 offered by Kent, Renton, Seattle Southside groups

The winning bid hit $28 million for a seat on New Shepard’s first human flight into space by Kent-based Blue Origin. COURTESY PHOTO, Blue Origin
It took $28 million for winning bid on Kent-based Blue Origin’s space flight

Winner’s name to be released later; nearly 7,600 people from 159 countries placed bids for seat

Courtesy Photo, Amazon
Amazon hiring in Kent and across the nation

Open roles offer an average starting pay of over $17 per hour

Merle and Marti Reeder. COURTESY PHOTO
Merle Reeder joins Kent’s Team Marti of John L. Scott real estate

Husband to work with wife as operations manager and broker-partner

The Moe Vegan food truck serves meals at the city of Kent’s annual Community Thanksgiving Dinner on Nov. 21, 2020. Sound Publishing file photo
King County fire marshals offer regulatory relief to food trucks

39 fire authorities have reportedly agreed to standardize fire codes and inspections.

(Pxfuel)
Federal Way approves $3 hazard pay raise for grocery store workers

The city ordinance was passed with a 5-2 council vote on May 4.

Courtesy graphic, Hydro
Kent aircraft parts supplier to lay off 46 employees

Kent one of four U.S. locations for Germany-based Hydro Systems USA

t
Wienermobile makes stop in Kent

Visited Kent Station to help promote need for blood donations

People take advantage in 2020 in downtown Kent of the outdoor dining along First Avenue between Gowe and Titus streets on Saturdays in the summer. COURTESY FILE PHOTO, Kent Downtown Partnership
Downtown Kent open air dining and marketplace set for this summer

On Saturdays July 10 through Aug. 28 on First Avenue South

Safeway at 101 Auburn Way South. FILE PHOTO
Auburn debates hazard pay ordinance for grocery workers, delays vote

City Council study session planned for May 10

Owner Reginald Robinson sits in front of his deli (photo credit: Cameron Sheppard)
Altha’s Louisiana Cajun Seasoning and Spices thrives during pandemic

Shop and deli owner says his authetic cajun products sourced from Louisiana are what sets him apart.

The Fred Meyer store on the East Hill of Kent. STEVE HUNTER, Kent Reporter
Kent City Council declines to move forward on pay hike for grocery workers

Majority says city shouldn’t play role in telling businesses to raise pay