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October 23, 2018
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Seattle Multifamily Property Trades in $97 Mil Transaction

10/10/18

A venture between 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, has purchased Alaire Apartments, a 357-unit multifamily property in Seattle, for $97.5 mil ($273k/unit). The acquisition represents the first joint venture between the companies.

Located at 510 Stevens Ave SW in Renton, the property features an average unit size of 1.1k sf 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.

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 600k sf 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 700k sf. The property is also a short walk to neighborhood retail including Fred Meyer, Safeway, and Walmart.

Philip Assouad and Giovanni Napoli with Kidder Mathews, along with Dave Schumacher of Colliers International, brokered the transaction. The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 10,000 apartments under management.

“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,” Sigmund added.

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).






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