Dealmaker: Rise Properties Trust Acquires Washington Apartments for $98M

Rise Properties Trust, Vancouver, B.C., acquired 357-unit Alaire Apartments in Renton, Wash., for $97.5 million.

Built in 1988, Alaire Apartments includes 17 residential buildings and two clubhouses on 17 acres. The mostly two- and three-bedroom floor plans average 1,074 square feet.

Rise Properties and equity partner Tokyu Land U.S. Corp. closed the deal on October 4, making it RISE’s fourteenth Seattle-area acquisition to date. The property is 11 miles from Seattle and Bellevue and two miles from 600,000-square-foot mixed-use center The Landing. Boeing’s 737 airplane assembly plant employs more than 12,000 people nearby.

Alaire recently underwent a $4 million renovation focused on common areas and amenities. Rise said it plans a three-year $8.4 million capital plan to reposition Alaire to a core-plus asset.

In August, Rise and Cigna Investment Management, Bloomfield, Conn., acquired Modera Capitol Hill, a 135-unit mid-rise community in Seattle’s Capitol Hill neighborhood, for $69 million in an off-market transaction. Built in 2016, Modera Capitol Hill includes studio, one-bedroom and two-bedroom flats.

Rise Properties said it plans to moderately improve Modera Capitol Hill’s overall look and feel and budgeted nearly $1 million for common area upgrades and unit interior enhancements including air conditioning, Nest thermostats and Bluetooth connectivity for unit controls.