RISE Properties Trust, 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, have purchased Bryson Square Apartments on Kent’s East Hill for $43.25 million.
Bryson Square, 24006 108th Pl. S.E., was built in 1988 and has 198 units. Monthly rents range from $1,345 for a one bedroom to $2,014 for a three bedroom, two bath, according to brysonsquareapts.com.
RISE just purchased Waterford at the Lakes Apartments in Kent for $83.2 million in May.
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“We’ve seen very strong growth in the Kent submarket, and particular improvement in the micro-location around Bryson Square,” said Jason Murray, a RISE investment manager, in a press release Tuesday. “With our continued confidence in the fundamentals of real estate market both locally and regionally, we see the opportunity as a great first venture between RISE and Aegon. “
Bryson Square is approximately 25 minutes south from both Seattle and Bellevue and is about 2 miles from Kent Station, an open-air lifestyle destination that includes a Sounder train station, a 14-screen AMC theater, over 15 restaurants and another 30-plus retailers and servicers.
“The acquisition of Bryson Square further illustrates Aegon RA’s investment strategy which focuses on acquiring, improving and preserving workforce housing in select metros across the U.S.,” said Cameron Jones , head of real estate equity acquisitions for Aegon RA. “The venture with RISE showcases alignment with regional experts and leverages our experience and depth of relationships in the multi-family sector.”
Including Bryson Square, RISE owns approximately 2,700 units across 16 multifamily properties in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 11,000 apartments under management. Thrive also will manage Waterford at the Lakes Apartments.
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