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RISE and Tokyu Acquire Des Moines Multifamily Community
Canadian real estate trust RISE Properties Trust and real estate development and investment company Tokyu Land US Corporation, have partnered in the $73 million purchase of Saddlebrook Apartments in the Seattle suburb of Des Moines, WA. The acquisition marks the 4th of 2022 for RISE in the Pacific Northwest.
The 223-unit, garden-style community offers a variety of one-, two- and three-bedroom floor plans, and also features a natural forested area that runs throughout the center of the community. RISE and Tokyu intend to renovate the interiors of the units with a modern, high-end finish.
RISE Director of Investments Beau Madsen said in a news release, “We are excited to grow our partnership with Tokyu once again with this off-market and compelling acquisition. As the only institutionally-sized market rate community within the submarket, Saddlebrook presents a unique value-add investment that we are looking forward to executing on.”
- ◦Sale/Acquisition
