RISE Properties Trust Exits Hold on Everett Apartments for $62M
RISE Properties Trust, a Canadian real estate trust based in Seattle, closed on the sale of Artesia Apartments, a 192-unit garden-style community located at 11225 19th Ave SE across from Sliver Lake in Everett, WA for $61,600,000. The buyer was MG Properties.
RISE purchased Artesia from Fairfield Residential in December 2016 for $40,500,000. RISE completed a substantial renovation including modernizing unit interiors with stainless steel appliances, quartz counters, and all new cabinets. The renovation also included the reimagining of the amenities, branding and marketing.
Jason Murray, director of investments for RISE, noted, “Having effectively executed our value-add business plan, RISE identified the sale of Artesia as a strategic opportunity to reinvest capital into future opportunities.”
RISE was represented by Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino from Institutional Property Advisors.
RISE Properties Trust Exits Hold on Everett Apartments for $62M
RISE Properties Trust Exits Hold on Everett Apartments for $62M
RISE Properties Trust, a Canadian real estate trust based in Seattle, closed on the sale of Artesia Apartments, a 192-unit garden-style community located at 11225 19th Ave SE across from Sliver Lake in Everett, WA for $61,600,000. The buyer was MG Properties.
RISE purchased Artesia from Fairfield Residential in December 2016 for $40,500,000. RISE completed a substantial renovation including modernizing unit interiors with stainless steel appliances, quartz counters, and all new cabinets. The renovation also included the reimagining of the amenities, branding and marketing.
Jason Murray, director of investments for RISE, noted, “Having effectively executed our value-add business plan, RISE identified the sale of Artesia as a strategic opportunity to reinvest capital into future opportunities.”
RISE was represented by Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino from Institutional Property Advisors.
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