RISE and Tokyu Seek Out Value-Add and Growth Opportunities

RISE Properties Trust and Tokyu Land US Corporation recently acquired Discovery Landing Apartment Homes, a 146-unit garden-style community located within walking distance of downtown Burien. Discovery Landing Apartments was built in 1987 and offers a mix of large floorplans including one-, two- and three-bedroom apartment homes.

“We are excited to continue building our Pacific Northwest multifamily portfolio by investing in well-located communities that feature value-added and growth opportunities,” says Beau Madsen, investment manager at RISE. “Located in a submarket with favorable supply and demand fundamentals, and easy access to lifestyle amenities and employment opportunities, Discovery Landing fits our acquisition objectives very well.”

Downtown Burien and Burien Town Square are in walking distance, offering residents a growing mix of retail and entertainment options that include a new PCC Community Market. Residents are just minutes from the Burien Transit Center and Highways 509 and 518.

“This asset has been well maintained and has benefited greatly from Burien’s transformation, yet still offers us the ability to further improve the community in partnership with Rise to enhance the lifestyle of our residents,” says Ben Cherney, vice president of Tokyu.

The transaction, brokered by CBRE, represents the third joint venture between RISE and Tokyu.