RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, and Cigna Investment Management (“Cigna”), today announced their purchase of Joseph Arnold Lofts in Seattle for $74,500,000. The transaction, brokered by CBRE, represents the second joint venture between the companies.
The multifamily community was built in 2013 and features a mix of one and two bedroom units. The loft-style property has 10’ to 13’ ceilings, floor to ceiling windows with views of Elliott Bay, the Olympic Mountains and the Space Needle and was the NAIOP Multifamily Development of the Year back in 2013.
Since then, the location has continued to improve with a Walk Score of 96 and a Transit Score of 100, with proximity Pike Place Market, the Seattle Center and the redeveloping waterfront.
Jason Murray, Investment Manager at RISE, stated “RISE and Cigna have had tremendous success reimagining urban properties in the Seattle Core. Last year, we acquired and improved JACK apartments on Capitol Hill, and with Joseph Arnold Lofts, view another great opportunity to add value through strategic improvements, and also give Jack a brother, “Joe”.
While the trend in the Seattle metro has long been to renovate older properties, RISE Properties believes that given the proliferation of new apartments delivered in Seattle during the current cycle, there exists a growing opportunity to improve and differentiate newer assets. RISE looks for superior physical assets with strong locations and then, Thrive, through their unique combination of branding, marketing and managing, create a niche, boutique experience for potential renters that result in superior performance and resident retention.
Including Joseph Arnold Lofts, RISE owns over 3,000 units across 19 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.
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 12,000 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.