A Canadian real estate trust has purchased the 366-unit Mosaic Hills Apartments in Kent for $81 million and the 336-unit Colby Creek Apartments in Everett for $81.3 million, according to a release.
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, announced the apartment purchase.
Including Mosaic Hills Apartments and Colby Creek Apartments, RISE owns approximately 4,000 units across 22 multifamily properties in the Pacific Northwest.
This concludes over $300,000,000 of Seattle-area apartment purchase acquisitions for the joint venture in 2019, according the release.
“In unique ways, both properties are very well positioned for our company to execute on strategic capital investments and operational improvements,” said Beau Madsen, Investment Manager at RISE, in the release. “Through the execution of our business plans, we are eager to add value to the surrounding communities, the resident experience, and our investors.”
Cameron Jones, Head of Real Estate Equity Acquisitions for Aegon RA, said in the release, “Aegon RA has significantly expanded its workforce housing portfolio in 2019 across the U.S., and Seattle is a substantial part of that growth. The acquisition of Mosaic Hills and Colby Creek aligns with Aegon RA’s investment strategy to preserve and enhance the housing stock in select metros across the U.S. The venture with RISE reinforces Aegon RA’s alignment with regional experts and leverages our experience and depth of relationships in the multi-family sector.”
Barrett Sigmund, President of RISE, said in the release, “Aegon and RISE have worked closely throughout the year to acquire five properties together in the Seattle region. Our success showcases our commitment to the Pacific Northwest and is the result of a shared vision of maintaining and improving apartment communities in our region. We are excited to welcome these properties to our real estate portfolio.”
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 12,500 apartments under management.
About RISE Properties Trust
RISE Properties Trust is a publicly-offered non-traded Canadian REIT focused on the U.S. multifamily sector in the Pacific Northwest. Through fully integrated operations, the trust works to acquire underperforming apartment properties and improve their operations, cash flow, and value.
About Thrive Communities
Thrive Communities is an award-winning property management firm with approximately 12,500 apartments under management. Their in-house renovation platform has improved over 5,000 apartments on both an occupied and vacant-turn process
About Aegon Real Assets US
Aegon Real Assets US is an indirect wholly owned subsidiary of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands. Aegon RA provides yield-oriented private debt and equity strategies and specialty solutions backed by a full range of in-house support services. Aegon RA’s, multi-disciplined, integrated team of professionals manages and advises $21 billion in real assets.