Category: RISE Properties

Auto Added by WPeMatico

Mesa West Capital funds $52 million loan for acquisition of Seattle multifamily community

Joseph Arnold Lofts
Mesa West Capital funded Rise Properties Trust and Cigna Investment Management with $52 million for the acquisition of a multifamily building in Seattle


Mesa West Capital has provided the joint venture of Rise Properties Trust and Cigna Investment Management with $52 million in first mortgage debt for the acquisition and repositioning of a 131-unit multifamily building in Seattle, WA.

The five-year, non-recourse financing is secured by Joseph Arnold Lofts, a 12-story apartment building located at 62 Cedar Street in Seattle’s Belltown neighborhood, one block from the redeveloping Seattle waterfront. The property is within walking distance to Pike Place Market, the Seattle Center and the popular 2nd Avenue retail district.

Built in 2013 “The Joe,” features a mix of studio, one- and two-bedroom apartment homes with condo quality finishes. The development’s concrete and steel construction provides for floor-to-ceiling windows and ceiling heights up to 13 feet. The amenity-rich property includes a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas.

While in excellent condition, the sponsor will undertake a moderate renovation program as units roll. The bulk of the improvements will be focused on the common areas which will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the resident lounge/game room, improvements to the lobby and common areas, and adding new landscaping to improve the overall resident experience.

“Joseph Arnold Lofts is a unique, top quality apartment building in a very desirable neighborhood in downtown Seattle. The sponsor’s planned improvements will enhance the resident experience and ensure the Property remains competitive as a top-tier apartment project in the market for years to come,” said Mesa West Capital Director Joshua Westerberg who originated the financing and runs the firm’s San Francisco office. “By self-managing the property and leveraging their local expertise in the market, we believe the sponsor will be able to achieve significant operational savings and optimize occupancy,” said Westerberg.

Rise, a private, open-ended Canadian REIT, focuses on multifamily investment in the Pacific Northwest. Through Thrive, its property management arm, Rise manages nearly 3,000 multifamily units in the Seattle area.



Mesa West Capital funds $52 million loan for acquisition of Seattle multifamily community

Joseph Arnold Lofts
Mesa West Capital funded Rise Properties Trust and Cigna Investment Management with $52 million for the acquisition of a multifamily building in Seattle

Mesa West Capital has provided the joint venture of Rise Properties Trust and Cigna Investment Management with $52 million in first mortgage debt for the acquisition and repositioning of a 131-unit multifamily building in Seattle, WA.

The five-year, non-recourse financing is secured by Joseph Arnold Lofts, a 12-story apartment building located at 62 Cedar Street in Seattle’s Belltown neighborhood, one block from the redeveloping Seattle waterfront. The property is within walking distance to Pike Place Market, the Seattle Center and the popular 2nd Avenue retail district.

Built in 2013 “The Joe,” features a mix of studio, one- and two-bedroom apartment homes with condo quality finishes. The development’s concrete and steel construction provides for floor-to-ceiling windows and ceiling heights up to 13 feet. The amenity-rich property includes a studio apartment guest suite, fitness center, business center, tenant lounge and rooftop deck with barbecues, fire pit and outdoor seating areas.

While in excellent condition, the sponsor will undertake a moderate renovation program as units roll. The bulk of the improvements will be focused on the common areas which will include upgrading the existing fitness center, rooftop deck enhancements, upgrades to the resident lounge/game room, improvements to the lobby and common areas, and adding new landscaping to improve the overall resident experience.

“Joseph Arnold Lofts is a unique, top quality apartment building in a very desirable neighborhood in downtown Seattle. The sponsor’s planned improvements will enhance the resident experience and ensure the Property remains competitive as a top-tier apartment project in the market for years to come,” said Mesa West Capital Director Joshua Westerberg who originated the financing and runs the firm’s San Francisco office. “By self-managing the property and leveraging their local expertise in the market, we believe the sponsor will be able to achieve significant operational savings and optimize occupancy,” said Westerberg.

Rise, a private, open-ended Canadian REIT, focuses on multifamily investment in the Pacific Northwest. Through Thrive, its property management arm, Rise manages nearly 3,000 multifamily units in the Seattle area.

RISE Properties Trust acquires Salix Juanita Village Apartments in Kirkland, Washington

Salix Juanita Village in Kirkland, Washington
RISE Properties Trust purchased Salix Juanita Village in Kirkland, Washington for $101,500,000. The transaction was brokered by HFF.


RISE Properties Trust (“RISE”) a Canadian real estate trust, with operations based in Seattle, today announced their purchase of Salix Juanita Village in Kirkland, Washington for $101,500,000. The transaction was brokered by HFF.

Jason Murray, Investment Manager at RISE, noted, “Salix represents the first close-in Eastside asset that RISE will acquire this year. Built in 2005, Salix is relatively dated compared to new-product finish levels, and is ripe for renovation of its unit interiors, common areas, and a marketing refresh. Leveraging its 9-foot ceilings, large windows, unique urban townhomes, and ‘micro-urban’ location, Salix will be re-positioned as premier product, nearly indistinguishable from new construction, in an excellent Kirkland area.”

The property is part of the Juanita Village master planned community, with its with dozens of shops and restaurants, and quick access to the beach and parks. The property has quick access to downtown Kirkland and is within the preferred Lake Washington School District with highly rated elementary, middle and high schools.

Including Salix at Juanita Village, Including Salix, RISE has acquired nine properties, with a total capitalization of approximately $588,000,000, in 2019. RISE owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest.

The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 13,000 apartments under management.



RISE Properties Trust acquires Salix Juanita Village Apartments in Kirkland, Washington

Salix Juanita Village in Kirkland, Washington
RISE Properties Trust purchased Salix Juanita Village in Kirkland, Washington for $101,500,000. The transaction was brokered by HFF.

RISE Properties Trust (“RISE”) a Canadian real estate trust, with operations based in Seattle, today announced their purchase of Salix Juanita Village in Kirkland, Washington for $101,500,000. The transaction was brokered by HFF.

Jason Murray, Investment Manager at RISE, noted, “Salix represents the first close-in Eastside asset that RISE will acquire this year. Built in 2005, Salix is relatively dated compared to new-product finish levels, and is ripe for renovation of its unit interiors, common areas, and a marketing refresh. Leveraging its 9-foot ceilings, large windows, unique urban townhomes, and ‘micro-urban’ location, Salix will be re-positioned as premier product, nearly indistinguishable from new construction, in an excellent Kirkland area.”

The property is part of the Juanita Village master planned community, with its with dozens of shops and restaurants, and quick access to the beach and parks. The property has quick access to downtown Kirkland and is within the preferred Lake Washington School District with highly rated elementary, middle and high schools.

Including Salix at Juanita Village, Including Salix, RISE has acquired nine properties, with a total capitalization of approximately $588,000,000, in 2019. RISE owns approximately 4,150 units across 23 multifamily properties in the Pacific Northwest.

The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 13,000 apartments under management.

RISE Properties Trust and Aegon Real Assets US acquire Linden Square Apartments in North Seattle

Linden Square Apartments
RISE Properties Trust and Aegon Real Assets purchased Linden Square Apartments in North Seattle for $52,750,000.

RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, and Aegon Real Assets US (“Aegon RA”), an indirect wholly owned subsidiary of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands, today announced their purchase of Linden Square Apartments in North Seattle for $52,750,000. The transaction, brokered by CBRE, represents the third joint venture between the companies this year.

Located a couple miles northwest of Northgate Mall, the multifamily community was built in 1993 and features a mix of one, two- and three-bedroom units, a fitness center and pool, as well as ample garage parking, storage, and amenity space.

The property is a short walk to Bitter Lake and its adjoining playfield amenities, as well as a rapid ride transit stop, which features service every four minutes during peak hours. In addition, the location has strong accessibility to major Seattle employment nodes by way of short drives to both Highway-99 and Interstate-5.

Beau Madsen, Investment Manager at RISE, noted that “Linden Square is a rare, transit-oriented asset that will benefit from our expertise in acquiring, renovating and operating multifamily properties. Having recently completed a number of successful renovation projects in the area, we are excited for the opportunity to unlock the potential at Linden Square by reimagining the asset’s branding and leasing experience, as well as it’s amenity and apartment offerings.”

Cameron Jones, Head of Real Estate Equity Acquisitions for Aegon RA, stated, “The acquisition of Linden Square Apartments is another illustration of Aegon RA’s investment strategy which focuses on acquiring, improving and preserving workforce housing in select metros across the U.S.  The venture with RISE showcases alignment with regional experts and leverages our experience and depth of relationships in the multi-family sector.”

Including Linden Square Apartments, RISE owns approximately 3,200 units across 20 multifamily properties in the Pacific Northwest.

The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 12,000 apartments under management.


RISE Properties Trust and Aegon Real Assets US acquire Linden Square Apartments in North Seattle

Linden Square Apartments
RISE Properties Trust and Aegon Real Assets purchased Linden Square Apartments in North Seattle for $52,750,000.

RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, and Aegon Real Assets US (“Aegon RA”), an indirect wholly owned subsidiary of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands, today announced their purchase of Linden Square Apartments in North Seattle for $52,750,000. The transaction, brokered by CBRE, represents the third joint venture between the companies this year.

Located a couple miles northwest of Northgate Mall, the multifamily community was built in 1993 and features a mix of one, two- and three-bedroom units, a fitness center and pool, as well as ample garage parking, storage, and amenity space.

The property is a short walk to Bitter Lake and its adjoining playfield amenities, as well as a rapid ride transit stop, which features service every four minutes during peak hours. In addition, the location has strong accessibility to major Seattle employment nodes by way of short drives to both Highway-99 and Interstate-5.

Beau Madsen, Investment Manager at RISE, noted that “Linden Square is a rare, transit-oriented asset that will benefit from our expertise in acquiring, renovating and operating multifamily properties. Having recently completed a number of successful renovation projects in the area, we are excited for the opportunity to unlock the potential at Linden Square by reimagining the asset’s branding and leasing experience, as well as it’s amenity and apartment offerings.”

Cameron Jones, Head of Real Estate Equity Acquisitions for Aegon RA, stated, “The acquisition of Linden Square Apartments is another illustration of Aegon RA’s investment strategy which focuses on acquiring, improving and preserving workforce housing in select metros across the U.S.  The venture with RISE showcases alignment with regional experts and leverages our experience and depth of relationships in the multi-family sector.”

Including Linden Square Apartments, RISE owns approximately 3,200 units across 20 multifamily properties in the Pacific Northwest.

The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 12,000 apartments under management.