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 Bryson Square Apartments in Kent for $43.25 million. The transaction, brokered by Berkadia, represents the first joint venture between the companies.
Located at 24006 108th Pl SE. in Kent, Washington and built in 1988, the 198-unit apartment property is situated on the east hill of Kent, one of the fastest grossing cities in Washington, which has benefited both from its proximately to Seattle and Bellevue and also a growing industrial and distribution hub which is among the largest on the West Coast.
Jason Murray, Investment Manager at RISE, notes “We’ve seen very strong growth in the Kent submarket, and particular improvement in the micro-location around Bryson Square. With our continued confidence in the fundamentals of real estate market both locally and regionally, we see the opportunity as a great first venture between RISE and Aegon. “
Bryson Square is located approximately 25 minutes south from both Seattle and Bellevue. About 2-miles from Kent Station, an open-air lifestyle destination that includes a Sounder train station, a 14-screen AMC theater, over 15 restaurants and another 30-plus retailers and servicers.
Cameron Jones , Head of Real Estate Equity Acquisitions for Aegon RA, stated, “The acquisition of Bryson Square further illustrates 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 Bryson Square, RISE owns approximately 2,700 units across 16 multifamily properties in the Pacific Northwest.
The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 11,000 apartments under management.
About RISE Properties Trust
RISE Properties Trust is a publicly-offered non-traded Canadian REIT focused on the US multifamily sector in the Pacific Northwest. Through fully integrated operations, the Trust is able 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 11,000 apartments under management. Their in-house renovation platform has improved over 5,000 apartments on both an occupied and vacant turn process. Thrive’s fully-integrated and hands-on, horizontal team approach ensures each asset is operating at its full potential while maximizing value for its clients.
About Aegon Real Assets US
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. 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 over $19 billion in real assets.